Liquidating distribution partnership
Pay final paychecks to employees and issue final wage withholding documents.
The partnership has cash of 20,000, non cash assets of 140,000, liabilities of 50,000.
Issue form W-2 to each employee to report wages withheld. Notify all creditors and lenders of your intent to dissolve the partnership.
If the partnership does not have enough money to pay the debts, first sell the partnership's assets to generate income.
In most states, a general partnership is formed whenever two or more individuals decide to carry on a business.
There are no filing requirements for registering a partnership.