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In business a liquidation means to sell of the assets of a business. A partnership is a joining together of two or more people to run the business. The only situation I can perceive where these two ideas would be options is when the business owes someone a debt. If the creditor proposes to be paid by you liquidating the business this means you close shop. If however the creditor offers a partnership this means he offered to join with your business as an owner and uses the debt to buy into your business.
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