Explain the process and methods used to account for partnership formation. How do these methods impact the firm's balance sheet?

Describe what happens if the partnership doesn't do well and the company has to dissolve it, or one of the partners becomes insolvent.

Summarize the key points of interest if the firm fell on hard times and had to file voluntary bankruptcy. What ethical implications should

be considered when debating whether or not to file bankruptcy?

2. Identify the key areas of concern if the firm fell on hard times and their creditors forced them into bankruptcy. What defenses are

available in this situation?

I need help answering these questions.