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
State Article 24 and 25 of air and outer space law Article 24 states that the aircraft on a flight to, from, or across the territory of another contracting State shall be admit

What is the Stability of the EMU banking sector Low currency risk, external balance and the stability of the EMU banking sector and financial markets are club goods whose benef

Allotment of shares and debentures - mergers and winding up: When the scheme is before the court for final approval a minority may object on any of the various grounds indicat

QUESTION 1 What measures do you consider important in ensuring good corporate governance? Explain why QUESTION 2 Explain the nature of the relationship among a bank and

Transfer or Passing of Property - Sales of Goods Perhaps assuming like the seller has a right to sell the goods, so it like necessary to determine the precise moment the trans

Functions of Attorney general Whereas under sec 26(2) the Attorney General is the principal legal adviser for government of US And whereas he occupies a ministeria

QUESTION 1 The principle of law set out in Salomon v Salomon & Co. Ltd is not always applied. Discuss when the judiciary or statutory provisions will not take into account of

Q. Show the Suggested actions to address phoenix activity? There have been a range of options identified by previous works on phoenix activity, such as the Cole Inquiry and Tre

Voluntary liquidation - shares of the minority: A company in (or about to go into) members' voluntary liquidation may by special resolution authorize the liquidator to sell th

Q. Suggested actions for addressing phoenix activity? The following actions are suggested for addressing phoenix activity. Those that have been suggested are the actions that: