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Ceased partnership - partner walked away

Ceased partnership - partner walked away

Two partners (50:50) have been trading as a partnership form April 2010 - they were making loses. Accounts 2010/11 are done. In May 2012 one of the partners left a note to the other partner that he is leaving the partnership and never appeard again. Took all his stuff at night. Accounts up to the end on March 2012 must be done and then for period April - May 2012. Who signs the accouts? The partner who was left? Thank you

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27th Jun 2012 13:35

You do

Partnership accounts do not have to be signed by a partner in the way that company accounts have to be signed by a director.  It is usual for the accountant to sign a report on the lines of "I have prepared the attached accounts from the records and information supplied".

You should have some sort of approval from the client and someone will need to sign or at least, approve, the partnership tax return.  If there is no contact with the departed partner, it can only be the partner who was left.

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