--%>
Assignment Help - homework help

Liability of partners

Liability of partners:

A) Under contract law:

  • Liability is joint only (collectively);
  • The creditor has only one right of action (except in NSW, where liability is now joint and several).

B) Under the law of torts:

  • Liability is joint (collectively) and several (individual);
  • Liability of co-partners only arises:

-Where the act or omission was in the ordinary course of the business of the firm; or
-It was with the authority of the co-partners.

C) Holding Out:

  • A person who holds themselves out as a partner by their words or conduct may become liable as an ‘apparent partner’.

D) Retiring partners:

  • Remain liable for debts incurred before retirement unless the creditors and other partners agree otherwise;
  • May be liable for debts incurred by the partnership after retirement if they have not taken steps to notify former and new customers of their retirement.

   Related Questions in Managerial Accounting

  • Q : Explain Value-Added Activity

    Value-Added Activity: An activity which is judged to contribute to customer value or gratify an organizational requirement. The characteristic "value-added" reflects a belief that the activity can’t be removed without decreasing

    		•
  • Q : Things which Weaknesses comprises Write

    Write a brief note on the things which Weaknesses comprises?

    		•
  • Q : Main working areas of the Routing and

    Write a short note on the main working areas of the Routing and personnel department?

    		•
  • Q : Comparative-Advantage Approach to

    We study optimal government debt maturity in a model where investors derive monetary servicesfrom holding riskless short-term securities. In a simple setting where the government is the onlyissuer of such riskless paper, it trades off the monetary premium associated w

    		•
  • Q : Changing responsibilities of the

    Write a short note on the changing responsibilities of the management accountant?

    		•
  • Q : Describe a join between tables Describe

    Describe a join between tables?

    		•
  • Q : What is Controllable Cost Controllable

    Controllable Cost: A cost which can be influenced by the action of responsible manager. The word always refers to a particular manager as all costs are controllable by somebody.

    		•
  • Q : Blackout period A defined time period

    A defined time period in accounting for stock options. In the mean while the blackout period person granted the option is not allowed to exercise it. This usually occurs after the granting of the stock options and allows the price of the stock to increase above the exercise price.  <

    		•
  • Q : Define Variance Variance : The rate,

    Variance: The rate, amount, extent, or degree of change, or the divergence from a preferred state or characteristic.

    		•
  • Q : Main purpose of the business Briefly

    Briefly describe the main purpose of the business?

    		•