Partner Financial Responsibility Explained

Summary

The financial responsibility of a partner who leaves a company generally depends on the type of partnership and the terms of the partnership agreement. In Florida, in a General Partnership, exiting partners can still be held liable for company debts incurred while they were partners. In a Limited Partnership, limited partners typically are not liable for company debts beyond their investment. Consult a lawyer for specific advice.

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If a partner leaves a company, are they still financially responsible for the company debt?
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The financial responsibility of a partner who leaves a company generally depends on the type of partnership and the terms of the partnership agreement. In Florida:
- In a General Partnership, exiting partners can still be held liable for company debts incurred while they were partners.
- In a Limited Partnership, limited partners typically are not liable for company debts beyond their investment.
Please consult a lawyer for specific advice.