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Which of the following statements concerning retiring partners is correct?
A Retiring partners are not liable for any partnership debts after they leave
B Retiring partners are liable only for existing partnership debts when they leave, unless third parties
are notified that they have retired
C Retiring partners are responsible for existing partnerships debts when they leave and partnership
debts incurred after their retirement, unless third parties are notified of their retirement
D Retiring partners are only liable for partnership debts incurred after they leave.1. The answer is C.
2. Why could B not be a potential answer?
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