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
**Trials are provided to all LexisPSL and LexisLibrary content, excluding Practice Compliance, Practice Management and Risk and Compliance, subscription packages are tailored to your specific needs. To discuss trialling these LexisPSL services please email customer service via our online form. Free trials are only available to individuals based in the UK. We may terminate this trial at any time or decide not to give a trial, for any reason. Trial includes one question to LexisAsk during the length of the trial.
To view the latest version of this document and millions of others like it, sign-in to LexisLibrary or register for a free trial.
EXISTING USER? SIGN IN
TAKE A FREE TRIAL
0330 161 1234