Paulina operates a sole proprietorship, a corporation, and a partnership. Paulina wants to ob-tain relief for her individual deb
ts and the debts of her corporation and partnership. For each of these, Paulina may file a petition in bankruptcy for relief througha. a liquidation.b. a reorganization.c. a repayment plan.d. a family-farmer bankruptcy plan.
Liquidation can be described as a process of ending a business. It involves selling off the company entire assets inorder to settle debts.
Liquidation occurs when a company lacks sources of revenue and can no longer function properly, hence there is a need to close up the business and pay off creditors.
Bankruptcy occurs when a company is unable to pay back their outstanding. Filing for bankruptcy helps to company to make different plans on how the various debts incurred will be paid back to the various creditors.
B. Cooperative federalism has been practiced in the US since 1860.
Cooperative federalism, or the concept of federalism in which local, state, and federal governments work together to create policies, replaced dual federalism in the 1930s.
