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Level 15

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Well I wish it were that simple.

 

The problem is that when partner B bought out partner A, that closed the business as a partnership, and partner B (the surviving partner) starts a new company as a sole proprietor.  That also means a final partnership income tax return, closing the company sales tax registration, etc etc

 

The purchase agreement would post to the partner A equity drawing account, thus zeroing out the partner A equity and to a partner B liability account. With the partnership closed the liability of the installment loan become a personal liability.

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