Describe the rights and liabilities of partners on dissolution of a firm.

Upon the dissolution of a partnership, the rights and liabilities of partners are governed by the terms of the partnership agreement, if one exists, and by applicable state laws. Here's a breakdown of these rights and liabilities:

1. Distribution of Assets: After settling all partnership debts and obligations, the remaining assets are distributed among the partners in accordance with their respective ownership interests, ____ __________ __________ __________ ________ __________ _________ ____.
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