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of <h1>Retiring Partner's Liability Ends with Public Notice; Agreement Needed for Discharge from Past Liabilities.</h1> A partner in a partnership firm may retire with the consent of all partners, through an express agreement, or by giving notice if the partnership is at will. A retiring partner can be discharged from liabilities to third parties for prior firm acts through an agreement with the third party and the reconstituted firm. Despite retirement, partners remain liable for firm acts until public notice of retirement is given. Retired partners are not liable to third parties unaware of their prior partnership. Notices of retirement can be issued by the retired partner or any partner of the reconstituted firm.
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