Leaving the Business Flashcards
1
Q
Partner Obligations Upon Leaving the Business
A
A partner has an obligation to render on demand true and full information of all things affecting the partnership to any partner (including not lying about intent to leave the business)
2
Q
Competition With the Partnership While Still Employed
A
Partners are allowed to prepare to compete with the old firm while still employed, and cannot lie about plans to leave.
Pre-withdrawal recruitment is generally allowed only after the firm has been given notice of the partner’s intention to withdraw.
