75. Commencement of liability.

(v)     Duration of Liability

75.     Commencement of liability.

A person who is admitted as a partner into an existing firm does not thereby become liable to the firm's creditors for anything done before he became a partner1, unless there is some agreement to the contrary2.

Where prospective partners have agreed to enter into partnership with effect from a certain date on terms to be embodied in a formal partnership agreement to be executed on that date, a partner is nevertheless liable for the debts incurred by his firm from the date on which the