Assume that Dan notified Flying Cat that he was no longer a partner in the partnership before Lori signed the extension. Would Dan likely be held liable for any debts after Lori signed the extension agreement?

Question

Andreas Pennington

Social Studies

27 March, 05:47

Assume that Dan notified Flying Cat that he was no longer a partner in the partnership before Lori signed the extension. Would Dan likely be held liable for any debts after Lori signed the extension agreement?

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Answers (1)

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Spencer Reed · Answer 1

no

Explanation:

In business, debts refers to the money that has been borrowed form some one and liabilities are the obligations of any kinds.

In the context, Dan who was associated with Flying Cat notified them that he was no longer associated and be a partner with the Flying Cat before Lori signed for the extension and became associated with Flying Cat. And thus he Dan is not liable for any debts of any kind after Lori partnered with Flying Cat.