Multiple choice

Mark the incorrect statement.

  1. The partnership between the remaining partners can continue after the retirement of a partner, but for that there must be at least two remaining partners to continue the business.

  2. There cannot be any retirement from liability for wrongful acts.

  3. A retired partner remains liable for all the acts of the firm done before and up to the date of the retirement.

  4. A retiring partner cannot make an arrangement with his co-partners under which he is released from liability for outstanding debts.

  5. None of the above
Reveal answer Fill a bubble to check yourself
D Correct answer
Explanation

Retiring partner by giving public notice of his retirement can make an arrangement with his co-partners to get relief from liability for outstanding debts.

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