When exiting a partnership it is vital you obtain the correct advice, as the process can cause much stress and difficulty.
Under a general partnership, if there is no partnership agreement a partner cannot retire or leave the partnership; the partnership has to be dissolved.
One partner can dissolve the partnership simply by giving notice to the other partners. The remaining partners can then reform the partnership if they wish to do so, but there are negative tax implications in doing this.
Partnerships which do not have a partnership agreement are also automatically dissolved on the death or bankruptcy of one of the partners. They also end if the purpose of the partnership is illegal.
If there is a partnership agreement (or you are an LLP) then it is possible for the partnership to continue when one partner exits the partnership. In exiting a partnership, it is important that agreement is reached as to limiting the partner’s liability to the time that he or she was in partnership. It is also important that clients are notified of a partner’s exit and notices are placed in local papers and in the London Gazette.
If you have a partnership agreement you need to look at the terms of that agreement to see how to exit. There may be restrictions placed on you which inhibit your ability to compete with the partnership post retirement.
We also have a dedicated Partnership Law website where you can find more detailed information:
For help and assistance on queries relating to Existing a Partnership, contact our partnership team on 0161 832 6131 or get in touch by filling out one of our online enquiry forms.
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