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Retiring or outgoing partner: 
  • a)
    To be liable for firm’s liabilities
  • b)
    Not liable for any liabilities of the firm
  • c)
    Is liable for obligation incurred before his retirement
  • d)
    Is liable for obligations incurred with his consent only
Correct answer is option 'C'. Can you explain this answer?
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Retiring or outgoing partner:a)To be liable for firm’s liabiliti...
Debts and obligations incurred prior to their retirement or departure from the partnership.
b)To receive their share of the partnership's assets and profits upon their retirement or departure.
c)To transfer any rights or ownership interests they may have in the partnership to the remaining partners or new partners.
d)To comply with any legal or contractual obligations related to their retirement or departure, such as providing notice or obtaining necessary approvals.
e)To assist with the smooth transition of their responsibilities and knowledge to the remaining partners or new partners.
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Retiring or outgoing partner:a)To be liable for firm’s liabilitiesb)Not liable for any liabilities of the firmc)Is liable for obligation incurred before his retirementd)Is liable for obligations incurred with his consent onlyCorrect answer is option 'C'. Can you explain this answer?
Question Description
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