Which statement below is not correct? A. Partners may not receive cash before creditors receive...
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Accounting
Which statement below is not correct?
A. Partners may not receive cash before creditors receive cash when liquidated a limited liability partnership
B. A loan receivable from a partner is not added to the partner's capital account balance in the preparation of a cash distribution plan.
C. If a partner of a liquidating limited liability partnership is unable to pay a capital account deficit, the deficit is absorbed by the other partners in the income-sharing ratio of those partners.
D. All the answers are correct
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