3. The liquidation of a partnership can be a complex and time-consuming process. What basic guidelines should be followed in order to ensure that the process is proper? 4. In the liquidation of a...

3. The liquidation of a partnership can be a complex and time-consuming process. What basic guidelines should be followed in order to ensure that the process is proper?

4. In the liquidation of a partnership, why might a partner be concerned that a fellow partner has a deficit net capital balance, and how might such a deficit be eliminated?