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SMU Law Review Volume 201966Partnerships Continued Liability of a Retiring Partner Receiving Payments James H. WallensteinFollow this and additional works at: http://scholar.smu.edu/smulr Recommended
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Partnerships - continued liability is a type of business structure where the partners are personally liable for the debts and obligations of the partnership.
Partnerships - continued liability are required to be filed by partnerships that have chosen to have the partners bear unlimited liability for the business debts and obligations.
Partnerships - continued liability can be filled out by providing information about the partners, the business activities, and any liabilities that the partners are personally responsible for.
The purpose of partnerships - continued liability is to allow partners to share in the profits of the business while also bearing the risk of unlimited liability for its debts.
The information that must be reported on partnerships - continued liability includes the names of the partners, their contributions to the partnership, and the extent of their liability for the partnership's debts.
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