Ray, Linda, and Nancy form a partnership Ray and Linda contribute property and cash Nancy contributes only services Linda dies, and the partnership is liquidated After all debts are paid, the surplus is not sufficient to pay back Linda 's estate and Ray for the property and cash originally contribu...

Distribution of assets on liquidation No On liquidation after creditors ...

Ray, Linda, and Nancy form a partnership. Ray and Linda contribute property and cash. Nancy contributes only

Question:

Ray, Linda, and Nancy form a Ray and Linda contribute property and cash. Nancy contributes only services. Linda dies, and the is liquidated. After all debts are paid, the surplus is not sufficient to pay back Linda's estate and Ray for the property and cash originally contributed by Linda and Ray. Nancy claims that the balance should be divided equally among Ray, Linda's estate, and Nancy. Is she correct?

Partnership
A legal form of business operation between two or more individuals who share management and profits. A Written agreement between two or more individuals who join as partners to form and carry on a for-profit business. Among other things, it states...