Question

Advanced Accounting Essay. Need Help

The term paper requirement is to be fulfilled by submitting one 2,500-3,000 word term paper on a topic related to this course Advance Accounting 2 ( textbook: Modern Advanced Accounting in Canada)

Course Description: Advanced theory and problems in accounting including interim reporting, accounting for foreign currency transactions and hedging, translation of financial statements of foreign operations, accounting for partnerships, corporate liquidations, estates and trusts, government and not-for-profit accounting, measurement and accounting for financial instruments. The CPA Handbook will be utilized throughout the course.

I would like to do my research on Impacts of bankruptcy on small business partnership but since topic considerably as it is too broad and it also has to tie this course in sufficiently into my paper, Would anyone please help me to narrow the topic that include my course description or related to this course and also help me with writing this paper. Please

It is worth 100 points. The term paper is intended to increase your research and writing skills, provide an opportunity for you to further explore an advanced financial accounting topic covered in this course in more depth, and illustrate your comprehension of new material by explaining in your own words and be able to apply, analyze, synthesize, and / or evaluate this new material. Your topic must be pre-approved so that I can ensure that it is related closely enough to the course. Term papers submitted in any other way will not be considered submitted. Term papers should be submitted in PDF format. Please include your Name and Student Number on each page of the document, along with page numbers.

Answer 1

Answer

Impact of Bankruptcy on small business partnerships

There are many reasons why bankruptcy is often not beneficial to a partnership.

1. No discharge. A partnership does not receive a discharge in bankruptcy.

2. Stop business operations. A partnership will usually not continue to operate after a Chapter 7 bankruptcy.

3. Partners still liable for debts. Even more importantly, bankruptcy does not change the partners' responsibility for partnership debts. In fact, filing for bankruptcy may make it more likely that general partners will be sued to cover partnership debts. Here's how.

• Partners that were liable for partnership debts before the bankruptcy (these are usually general partners) remain liable for partnership debts not paid in the bankruptcy.
• Limited partners lose their investment in the partnership and creditors can sue them outside of bankruptcy on guarantees they signed.
• There is no co-debtor stay so while the bankruptcy is pending, creditors can sue partners who have guaranteed the partnership debts.
• If liquidation of the partnership assets does not result in full payment of the partnership debts, the bankruptcy trustee can sue the general partners to recover the funds necessary to pay creditors in full.

I would able to give only general impacts if you want to extend the topic , explain major partnership covenants