Broker A is a sole proprietor. He quits business and goes to work under Broker B. Whose responsibility is it to keep Broker A's previous records?

Question

Business

Reese Stanley

12 September, 05:58

Broker A is a sole proprietor. He quits business and goes to work under Broker B. Whose responsibility is it to keep Broker A's previous records?

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Answers (1)

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Turner Compton · Answer 1

Broker A is responsible for safekeeping previous records up to 4 years in the past.

Explanation:

Even if broker A decided that it was best for him to start working for broker B, he/she is still responsible for safekeeping all the previous records (up to 4 years) when he worked by himself/herself. The same applies if broker B had acquired broker A's business (a sole proprietorship is a type of business).