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    Business Partnership

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    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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    https://brainmass.com/law/history-and-philosophy-of-law/business-partnership-19187

    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.

    $2.19

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