I’m retiring as a partner. Who do I need to notify?
I am retiring from a partnership, which continues in business. A friend advised me to put a notice in the London Gazette. Is this necessary?
This procedure is one of the steps a partner can take to protect themself from the risk of any liability for debts incurred by the partnership after the date of leaving.
Under section 36 of the Partnership Act 1890:
“Rights of persons dealing with firm against apparent members of firm.
- Where a person deals with a firm after a change in its constitution he is entitled to treat all apparent members of the old firm as still being members of the firm until he has notice of the change.
- An advertisement in the London Gazette as to a firm whose principal place of business is in England or Wales, … shall be notice as to persons who had not dealings with the firm before the date of the dissolution or change so advertised.”
For further information, see the London Gazette’s information on placing notices.
Disclaimer
While every effort has been made to ensure the accuracy of the information in this article, it does not constitute legal advice and cannot be relied upon as such. The Law Society does not accept any responsibility for liabilities arising as a result of reliance upon the information given.
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