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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.

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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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