Four (4) liabilities of incoming and outgoing partners

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Jaslene Escobar

Law

20 January, 22:22

Four (4) liabilities of incoming and outgoing partners

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Francesca Mullen · Answer 1

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.