--%>
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 : Main working areas of the coach

    Write a short note on the main working areas of the coach maintenance department?

    		•
  • Q : Define Cost Avoidance Cost Avoidance :

    Cost Avoidance: The action taken to decrease future costs, like replacing parts before they fail and cause harm to other portions. Cost avoidance might incur higher (or extra) costs in the short run however the final or life-cycle cost would be lower.

    		•
  • Q : Define Cost Accounting Practice Cost

    Cost Accounting Practice: Any disclosed or recognized accounting process or technique that is used for the measurement of cost, assignment of cost to cost objects and assignment of cost to accounting periods.

    		•
  • Q : Break even analysis based homework I

    I need homework help in accounting, 10 questions there about break even analysis. let us know if you can so it

    		•
  • Q : Explain Performance Measurement

    Performance Measurement: A means of computing effectiveness, efficiency, and outcomes. A balanced performance measurement score-card comprises financial and non-financial measures focusing on the quality, cycle-time, and price. The performance measure

    		•
  • Q : Explain Standard Costing Standard

    Standard Costing: A costing technique which joins costs to cost objects based on reasonable approximations or cost studies and by the means of budgeted rates instead of according to actual costs incurred. The predictable cost of gener

    		•
  • Q : Illustrate the effect of tax on the

    The U.S. market for rice is illustrated below.   The world pric

    		•
  • Q : Things which Opportunities comprises

    Write a brief note on the things which Opportunities comprises?

    		•
  • Q : Major tasks of board that runs the

    Write down a short note on the major tasks of board that runs the organization?

    		•
  • Q : Child tax credit A type of personal tax

    A type of personal tax credit that reduces the amount a taxpayer must pay. The child tax credit is $1,000 (in 2008) for each child meeting the criteria the child must be a U.S.  National, citizen, or resident under 17, a dependent of the taxpayer, and a grandchil

    		•