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Dissociated Partner
A partner who has withdrawn from a partnership, thereby ending his or her involvement with the business.
Liability
The legal responsibility or obligation to compensate for harm caused, debts owed, or for fulfilling specific duties.
LLP
Limited Liability Partnership, a legal structure for a business where partners' liabilities are limited to their investment in the partnership.
Continuing Liability
An ongoing financial or legal responsibility that does not end upon the termination of a contract or agreement.
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