Unfortunately, leaving a partnership isn't always easy, particularly where there may be liabilities and personal guarantees involved. For example, did you personally guaranty a lease or a loan? Even if your partners buy you out and agree to indemnify you and hold you harmless from liabilities, if they go bankrupt you could still be left responsible for these obligations. If you have a formal partnership agreement, that would identify procedures to follow for your withdrawal. Many small businesses have less formal and even oral agreements. If you are able to withdraw from the partnership you want to put the world on notice that from that point forward you are not a part of the business.
