The dissolution of a partnership is the same as the liquidation of a partnership. Group of answer choicesTrueFalse

The statement "The dissolution of a partnership is the same as the liquidation of a partnership" is False.

Explanation:

• Dissolution of a Partnership refers to the process of ending the legal partnership, which can occur for several reasons, such as mutual agreement, expiration of the partnership term, or the achievement of its purpose. At this stage, the partnership ceases to exist in legal terms, but the business may continue operating during the winding-up phase.

• Liquidation of a Partnership is a subsequent process that typically follows dissolution. It involves selling off the partnership's assets, settling debts, and distributing any remaining assets to the partners. Liquidation is the final step that ensures all financial obligations are cleared and assets are appropriately allocated.

In summary, while dissolution and liquidation are related processes in the life of a partnership, they are not the same; dissolution refers to the end of the partnership, while liquidation is the process of settling its affairs.