Dissociation terminates some of the rights of the dissociated partner, requires the firm to buy his or her interest, and alters the parties' liability to third parties.

Question

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Dissociation of a partner from a partnership does terminate some of the rights of the dissociated partner, such as the right to participate in the management and conduct of the partnership business. It also typically requires the partnership to buy out the dissociated partner's interest in the partnership, and it can alter the liability of the parties to third parties, especially in terms of the dissociated partner's liability for future partnership debts.

Dissociation Terminates Some of the Rights of the Dissociated Partner