!. X, Y and Z are partners. Z wants to retire from the firm (partnership) and...

 

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!. X, Y and Z are partners. Z wants to retire from the firm (partnership) and terminate her liability to existing creditors of the partnership. X and Y want to continue the partnership business. Are these desires possible? Explain. Decision: Rule of Law: 2.. In question I above, how can Z, the retiring partner, protect herself against liability on contracts that are entered into by the partnership subsequent to her withdrawal? Explain. Decision: Rule of Law: 3. A, B and C are partners. Each originally contributed $5,000 to the partnership. If, after dissolution and liquidation, the fim's assets are $100,000 and its debts owed to creditors are $40,000, how much will be C's share of the assets if according to the partnership contract they are to be divided equally among the partners? Explain. Decision: Rule of Law: 4. A and B are nieces of X. X dies and under a will leaves apartment buildings to A and B as tenants in common. A and B continue to manage and lease the apartments cooperatively. At the end of each year, A and B split the profits from the rents collected. Do A and B have a partnership? Explain. Decision: Rule of Law: !. X, Y and Z are partners. Z wants to retire from the firm (partnership) and terminate her liability to existing creditors of the partnership. X and Y want to continue the partnership business. Are these desires possible? Explain. Decision: Rule of Law: 2.. In question I above, how can Z, the retiring partner, protect herself against liability on contracts that are entered into by the partnership subsequent to her withdrawal? Explain. Decision: Rule of Law: 3. A, B and C are partners. Each originally contributed $5,000 to the partnership. If, after dissolution and liquidation, the fim's assets are $100,000 and its debts owed to creditors are $40,000, how much will be C's share of the assets if according to the partnership contract they are to be divided equally among the partners? Explain. Decision: Rule of Law: 4. A and B are nieces of X. X dies and under a will leaves apartment buildings to A and B as tenants in common. A and B continue to manage and lease the apartments cooperatively. At the end of each year, A and B split the profits from the rents collected. Do A and B have a partnership? Explain. Decision: Rule of Law:

Answer rating: 100% (QA)

1 No the desire is not possible to withdraw from the existing creditors of the partnership because heshe is liable to pay for existing credit and then the partnership between the X and Y can continue ... View the full answer