Joint and several liability of partners requires each partner to pay firm's tax, with retirement notice affecting continuing liability. Liability of partners is joint and several: the firm and each partner are liable for tax, interest or penalty. A retiring partner remains liable for ... Summary
Joint and several liability of partners requires each partner to pay firm's tax, with retirement notice affecting continuing liability.
Liability of partners is joint and several: the firm and each partner are liable for tax, interest or penalty. A retiring partner remains liable for obligations up to the date of retirement unless the firm or partner gives written notice of retirement to the Commissioner; if no intimation is given within one month, the retiring partner's liability continues until the Commissioner receives notice.
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