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Business Partnership

I need help with the following question:

(1)To avoid continuing liability as a partner which of the following steps should be taken by a person retiring from a partnership carrying on business in B.C.? (Note: one or more sentences or phrases may apply).

(a) Put an ad in the local newspaper advising all subscribers to the newspaper of the retirement.

(b)Put a notice of the retirement in the B.C. Gazette.

(c) Incorporate a company with no assets to act as partner in place of the retired person.

(d) Notify all those persons with whom the partnership firm has had prior dealings.

(e) File a declaration of change in the constitution of the partnership with the Registrar of Companies.

(f) Replace the partnership interest with a limited partnership interest so that the retired partner will have limited liability with respect to any existing or future creditors of the partnership business.

Thank you.

Solution Preview

Your question is this:

(1) To avoid continuing liability as a partner which of the following steps should be taken by a person retiring from a partnership carrying on business in B.C.?

(a) Put an ad in the local newspaper advising all subscribers to the newspaper of the retirement.
(b) Put a notice of the retirement in the B.C. Gazette.
(c) ...

Solution Summary

This solution provides the steps that should be taken by a person carrying on business in B.C. to avoid continuing liability as a partner.

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