--%>
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 : What find out the size of this loss

    What find out the size of this loss? The size of the deadweight loss is based on the elasticity of supply and demand. As the elasticity of demand increases and the elasticity of supply decreases, that means as sup

    		•
  • Q : Things which Weaknesses comprises Write

    Write a brief note on the things which Weaknesses comprises?

    		•
  • Q : Regions of decision making process What

    What are the possible broad regions of decision making process where management accounting information is required?

    		•
  • 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 : VAT entry How to make a VAT entry in

    How to make a VAT entry in books including set off?

  • 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 : Define Responsibility Center

    Responsibility Center: It is an organizational unit headed by the manager or a group of managers who are responsible for its actions. The responsibility centers can be measured as revenue centers (that is responsible for revenue or sa

    		•
  • Q : What is Incremental Cost Incremental

    Incremental Cost: The raise or reduction in total costs which would result from a decision to raise or reduce output level, to add a service or task, or to modify any part of operations. This information aids in making decisions such

    		•
  • Q : Developing objectives and plans in

    Write down a short note on the developing objectives and plans in decision making process?

    		•
  • Q : Define Common Cost Common Cost : It is

    Common Cost: It is the cost of resources used jointly in the production of two or more outputs and the cost can’t be directly traced to any one of those outcomes.

    		•