Liability of incoming partners and death of a partner, Business Law and Ethics

Liability of Incoming Partners and Death of a Partner

Liability of Incoming Partners

However Unless a new partner makes a individual agreement to the effect such he will take over the liability in respect of such firm's debts on the time of his joining the firm, then he cannot be held liable for like debts.  In the existence of that a special agreement such the new partner can be held liable no more than in respect of debts incurred subsequent to he became a partner in such firm: by Section 21(1).

Death of a Partner

Furthermore on the death of a partner, whether the partnership is terminated through the event, the private property of such the deceased partner is available  that  the creditors of the firm.  Very first is, the claims of the private creditors must be met not in of the private property.  However any surplus remaining goes for satisfy the debts of the partnership that remain unpaid.

Posted Date: 1/30/2013 7:36:54 AM | Location : United States







Related Discussions:- Liability of incoming partners and death of a partner, Assignment Help, Ask Question on Liability of incoming partners and death of a partner, Get Answer, Expert's Help, Liability of incoming partners and death of a partner Discussions

Write discussion on Liability of incoming partners and death of a partner
Your posts are moderated
Related Questions
what is the importance of law enforcement and the legal profession as service industries?

Promotion: A company comes into existence from the moment of its registration by the registrar of companies. However, the  registration is preceded by what is called "promotio

The business that you are to work on for this assessment is Apex Pty Ltd, a company based loosely around property development and construction work. The specialisation of this com

Obiter Dictum Thus now  "by the way" statement made through a judge before delivering his judgement within  a view to  strengthening or re-enforcing his reasons to the decis

Explain about the general assembly of United Nations. The General Assembly: The General Assembly is the major deliberative organ of the United Nations. This is composed o

Enumerate about the short-run Phillips curve Diagrammatically the short-run Phillips curve becomes flatter under coordination as opposed to no coordination. If one country expa

What is the neighbour rule? Duty of care: There is a duty of care by anyone to other where this can be reasonably foreseen which one’s action may injure another (negligen

I have a contract for employment, its is for a CTO position, giving me equity stake in the company, I do not agree with the offer and I have a counter offer, I need a experts opini

What is the difference between an express term and an implied term? Provide me with an example of each.

This project requires you to choose an organisation of your own choice and discuss on the following with respect to your chosen organisation: External Environment Mega