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







Related Discussions:- Liability of retiring partner, Assignment Help, Ask Question on Liability of retiring partner, Get Answer, Expert's Help, Liability of retiring partner Discussions

Write discussion on Liability of retiring partner
Your posts are moderated
Related Questions
State the term - monetary policy coordination Criticisms have been put forward on proposals for enhanced fiscal and monetary policy coordination. This policy coordination might

Subject-Matter of the Contract Through S.7(1) the goods such form the subject-matter of a contract of sale may exist either  possessed  or existing goods may like owned by the

Imagine yourself in a situation of being encouraged to inflate your expense account. Do you think your choice would be most affected by your individual moral development or by the

PROOF OF DEBTS:                                       Many of the rules of bankruptcy apply to the discharge of the company's debts: s.310.  The liquidator must obviously requ

Describe about the Policy Agenda Setting Agenda setting under direct democracy. Agenda setting concerns to the rules on the grounds of which policy proposals come up for a vote

#questonline exam of business law about 20 qestions ( T and F , MC, and short answers ) The exam will open just for two hours The exam will start half of hour from now >> can yo

Statutory Provisions:  i) Definition of "Prospectus" A prospectus is defined by S.2 as "any prospectus, notice, circular, advertisement or other invitation offering to the

Statutory Provisions in Applicable in the absence of a deed However it has been stated that the rights and relations of partners for one another are governed through the conte

QUESTION 1 Discuss the sources of the Mauritian law QUESTION 2 (a) Tom, Pim and Pam enter into a lease agreement. The agreement has already been signed by Pim and Pam.

Determine the agenda-setting process The "agenda" is the list of subjects or problems to which government officials, and people outside of government closely associated with t