Liability of retiring partner, Business Law and Ethics

Liability of Retiring Partner

Whether unless there is a special agreement for the contrary like a retiring partner can be held liable no more in respect of debts incurred previous to his retirement. Whether the business of the partnership is being continued through the remaining partner of partners with or like without the addition about a new partner or partners so like a retiring partner will be liable in respect of such debts incurred after his retirement so like unless notice of his retirement is prearranged.

An allowance for (a) and (b) together whether it is important that you should know such an agreement may be made between the creditors and like the firm where through the former agree to discharge a retiring partner from such all liability: S.2 (iii). Therefore must be valuable consideration for support such an agreement. Hence the mere agreement of the remaining partners for is held liable to all debts is not sufficient to this purpose like they are already liable. Therefore a new partner is introduced, and he agrees to be held liable to the entire firm's debts, however including the debts incurred before his introduction such this will be considered as a valuable consideration. Make in mind like these rules apply only for express agreements with creditors. That an agreement is round about impracticable except in cases whether the number of creditors is small there.

Posted Date: 1/30/2013 7:32:20 AM | Location : United States

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