Practice Quiz

FINRA Series 7

Category - Series 7

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As a general rule, when a partnership is terminated, in what order are assets distributed?
  1. general creditors, secured lenders, limited partners, general partners
  2. secured lenders, limited partners, general creditors, general partners
  3. secured lenders, general creditors, limited partners, general partners
  4. general creditors, general partners, limited partners, secured lenders
Explanation
Answer: C - secured lenders, general creditors, limited partners, general partners. Creditors first, in order of their security, then partners. General partners are last.
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