Samron, Amir, and Laura have carried on a florist shop business as a partnership for 10 years.

Question:

Samron, Amir, and Laura have carried on a florist shop business as a partnership for 10 years. The partnership uses the name “Samron, Amir, & Laura Flowers.” The business has a line of credit with a local bank, but the business has drawn only $25000 of the total of $50000 available. The partnership also has three long-term suppliers of flowers as well as many loyal corporate customers who order substantial amounts of flowers each year. Amir is 60 and has decided to retire from the partnership business. What liability risks would Amir have in connection with the business after his retirement and how should he deal with them? Are there any other financial issues that Amir should consider in connection with his retirement?

Line of Credit
A line of credit (LOC) is a preset borrowing limit that can be used at any time. The borrower can take money out as needed until the limit is reached, and as money is repaid, it can be borrowed again in the case of an open line of credit. A LOC is... Partnership
A legal form of business operation between two or more individuals who share management and profits. A Written agreement between two or more individuals who join as partners to form and carry on a for-profit business. Among other things, it states...

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