Joint and several liability for partners: partners remain liable for firm tax obligations until timely retirement notice is received. Partners of a firm are jointly and severally liable for the firm's tax, interest and penalty obligations irrespective of contrary contracts; a retiring ... Summary
Joint and several liability for partners: partners remain liable for firm tax obligations until timely retirement notice is received.
Partners of a firm are jointly and severally liable for the firm's tax, interest and penalty obligations irrespective of contrary contracts; a retiring partner remains liable for liabilities up to retirement unless written notice of retirement is given to the Commissioner, and if such notice is not given within one month the partner's liability continues until the Commissioner receives the intimation.
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