Q: What happens when a partners retires or leaves?
A: Under a general partnership a partner cannot retire or leave. The partnership has to be dissolved. The remaining partners can then reform the partnership, but there are negative tax implications…
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Glossary

Term	Description
De-Equitisation	The removal of equity from a partner. This needs to be under the terms of a well drafted Partnership Agreement.
Designated Member	is a member of an LLP who is noted at Companies House as being responsible for regulatory matters. An LLP must have at least two Designated Members.
Dissolution	is the process of ending a partnership and splitting up the assets and liabilities between the partners.
Drawings	Partners or members of LLPs are not employees (unless they are salaried partners) and so are not paid a salary. they are self employed (Schedule D) and their share of the profits are taken as drawings. Most partnership agreements have a mechanism which allows partners to take an anticipated share of their drawings each month.