Is a retiring partners liable for firm 's acts after his retirement?

Question

Answer

A retired partner continues to be liable to the third party for acts of the firm till such time that he or other members of the firm give a public notice of his retirement. ... The retired partner, however, continues to be liable for acts of the firm done before such retirement of a partner.

Answer

Yes the partner is liable for firm's act after his retirement till he haven't got the notice of retirement.

Answer

Liability of Retiring Partners for Firm's Acts after Retirement

When a partner retires from a firm, there are certain considerations regarding their liability for the firm's acts after their retirement. The extent of a retiring partner's liability depends on various factors, including the terms of the partnership agreement and the applicable laws in the jurisdiction.

1. Partnership Agreement
The partnership agreement plays a crucial role in determining the liability of a retiring partner. The agreement may contain provisions that outline the retiring partner's responsibilities and liabilities after retirement. It is essential to carefully review the partnership agreement to understand the specific terms regarding post-retirement liability.

2. Actual Notice of Retirement
For a retiring partner to limit their liability, they must provide actual notice of their retirement to all relevant parties and stakeholders. This notice should be given to the remaining partners, creditors, and other third parties who may have dealt with the firm. Failure to provide adequate notice may result in the retiring partner remaining liable for the firm's acts after retirement.

3. Statutory Provisions
In many jurisdictions, there are statutory provisions that govern the liability of retiring partners. These provisions may vary from one jurisdiction to another, so it is important to consult the applicable laws to determine the specific rules and limitations on post-retirement liability.

4. Continuing Liability for Past Acts
Retiring partners are generally liable for the firm's acts and obligations that were incurred before their retirement. This means that if the firm had any outstanding debts or legal obligations at the time of the partner's retirement, the retiring partner may still be held responsible for those obligations.

5. Liability for New Acts
The liability of a retiring partner for the firm's acts after retirement depends on whether they continue to be involved in the firm's affairs or hold themselves out as still being a partner. If a retiring partner remains involved in the firm's activities or allows others to believe they are still a partner, they may be held liable for the firm's acts during that period.

6. Limited Liability Partnerships
In some jurisdictions, partnerships may be registered as limited liability partnerships (LLPs). In an LLP, the liability of a retiring partner is generally limited to the extent of their capital contribution, unless they personally guarantee any specific obligations of the firm.

Conclusion
The liability of a retiring partner for a firm's acts after retirement depends on various factors, including the partnership agreement, statutory provisions, and the actions taken by the retiring partner. It is crucial for retiring partners to provide proper notice of their retirement and consult legal professionals to understand their specific liabilities and obligations.

Answer

No, because after retirement why should he/she will care for the firm when he/she is retiring and will not get any kind of profit from the firm. so he/she is not liable for the firm's act after retirement.

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