Ask Question
25 September, 17:12

Four (4) liabilities of incoming and outgoing partners

+5
Answers (1)
  1. 25 September, 19:16
    0
    Answer: The answer is provided below

    Explanation:

    The four liabilities of incoming and outgoing partners are:

    1. person who is admitted as a partner to an existing firm apart from a limited partnership or an incorporated limited partnership doesn't by that particular admission alone become liable for anything which is done before the person becomes a partner.

    2. A person admitted as a general partner into a limited partnership or an incorporated limited partnership that already exists does not by the admission alone become liable for things done before the individual became a general partner.

    3. A partner who retires from a firm other than limited partnership or an incorporated limited partnership doesn't by the retirement alone cease to be liable for the partnership debts and the obligations that were incurred before the retirement of the partner.

    4. A partner who retires from a limited partnership or an incorporated limited partnership

    doesn't by the retirement alone cease to be liable for the liabilities of the firm that were incurred before the retirement of the partner for which the partner were liable.
Know the Answer?
Not Sure About the Answer?
Find an answer to your question ✅ “Four (4) liabilities of incoming and outgoing partners ...” in 📘 Law if you're in doubt about the correctness of the answers or there's no answer, then try to use the smart search and find answers to the similar questions.
Search for Other Answers