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Incoming and outgoing partners3
- An incoming partner is not liable for acts of the firm done before they became a partner, unless they contractually agree to assume liability for past debts. - An outgoing partner can leave the firm with consent of other partners, by express agreement between partners, or by giving notice if the partnership is at will. - An outgoing partner remains liable for acts of the firm done before they left, but not after, unless public notice of their departure has not yet been given. - The rights of an outgoing partner include potentially competing with the firm after leaving, subject to any agreement not to, and potentially sharing in subsequent profits if the business continues using their share of the firm's property.
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