Business partnership changes
Whatever type of business partnership you may be in, it is important to understand what you have to do if certain changes to the partnership occur.
For example, when an existing business partner retires or dies, or when a new partner joins, normally the original partnership must be dissolved and a new one formed to carry on the previous business.
This guide explains how various changes can affect a business partnership, including the steps to take when a new business partner joins, when a business partner retires and when a business partner becomes bankrupt. Note that the rules are different for general partnerships compared with limited partnerships and limited liability partnerships.