Incoming and Outgoing Partners

Incoming Partner is the partner who is joining the partnership firm by contract or is added to the firm.
Outgoing Partner is the partner who is leaving the partnership firm. It can be because of death, expansion, retirement etc.

Incoming Partner: A new partner can be introduced into a firm in the following ways:
1. With the consent of all existing partners.
2. In accordance with a contract between the partners.
3. In accordance with the provisions of section 30. (minors)KEEP READING