Question 1: Partnerships

Ana Gold is the founding partner of the firm GOLD. The other partners are Bella Osmium, Chris Lead, and David Dubnium. Due to stress, Ana wishes to retire from the firm earlier than she had planned.

Ana has several concerns about retiring, and comes to you for advice.

She says, "Because the firm is called 'GOLD', I'm concerned that people will think I'm still a partner after I retire. I might then be held liable for the debts of the firm. What should I do about our existing customers, and any future customers? Also, I had always hoped that my daughter would want to renovate and live in the building that houses GOLD. It's registered in my name, and I have always made my plans clear to the other partners, but Chris now says we need to divide it between the partners."

Required:

Advise Ana on the concerns she has raised.