Liabilities of a partner in disolution

Liabilities of a partner dissolution:

1.liability for acts of partners done after dissolution:

In order to observe partners of the liability for any act done after the dissolution of the firm a public notice must be given to the dissolution if this is not done the partners continueto be liable as such to third parties for any act done by any of them after the dissolution further in such a case the act of a partner done .

The following however are not liable for the acts done after the dissolution of the firm and no notice of dissoloution need to given:

1.the estate of a deceased partner.

2.the insolvent partner and,

3.the sleeping or dormant partner who retires.

2.continuing authority of partners for purposes of winding up:

After the dissolution of a firm the authority of each partner to bind the firm and other mutual rights and obligations of the partners continue, so far as may be necessary-

1.to wind up the affairs the firm, and

2.to complete transactions begum but unfurnished at the time of the dissolution.