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
Francis is the newly elected chairperson of Boat House Services Union (BHSU) which represents 70% of workers at Boat House Services Ltd. BHSU is registered and holds a registra

Explain about the European court of justice rulings. European Court of Justice Rulings: This observes that EU law is being interpreted correctly and resolves any matters

Describe the term- higher national income and interest rate This causes country B to adjust to point B with both a higher national income and interest rate. At this point the f

Function and Powers of Chairman: In the case of National Dwellings Society v Sykes Chitty, J. stated: "It is the duty of the chairman, and his function, to preserve order,

Question 1: Write brief notes on the following contractual terms:- (a) How an offer differ from an invitation to treat. (b) The principles governing goods wh

ali send an offer to bakar on 13/9/2010 by fax.on 14/9/2010 ali change his mind and revoke the offer by fax unfortunately bakar''s fax machine not working and ali call for bakar. b

Take-over bids: Section 210 provides that where a scheme or contract  involving the transfer of shares or any class of shares in a company to another company has been approved

Mr. D is a professional basketball player who orders some shoes through the mail. The mail order house promises all customers delivery within 30 days of receiving the order. Mr. D'

Necessity - Law of Agency and Partnership Therefore an agency of necessity may subsist either domestic or commercial: Commercial Agency of Necessity: Although

NATURE AND CATEGORIZATION OF LAW: Here the term "law" has no consigned meaning.  It is utilized in a variety of senses.  Nonetheless different writers have bond to explain the