Question: When a partnership terminates, dissolution and winding up occur. What are dissolution and winding up ? Group of answer choices Winding up is the commencement

When a partnership terminates, dissolution and winding up occur. What are dissolution and winding up

?

Group of answer choices

Winding up is the commencement of the dissolution process, and dissolution is the job of collecting, liquidating, and distributing the partnership assets.

Dissolution is the commencement of the winding up process, and winding up is the job of collecting, liquidating, and distributing the partnership assets.

Dissolution involves receiving a court order allowing winding up

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and winding up occurs after the partnership is terminated and a certificate of termination has been filed in the office of the secretary of state.

Dissolution is the commencement of the winding up process, and winding up is the job of converting the partnership to a different business form such as a limited liability company or a limited partnership.

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