Question

A partner may decide to retire from the firm because of __________.

• A. Old age
• B. Ill health
• C. Marriage
• D. Both (A) and (B)

Answer 1

The correct option is D Both (A) and (B)

Section 32(1) of the Indian Partnership Act, 1932 deals with the provisions of admission/retirement of a partner in the partnership firm. It states the circumstances under which a partner may decide to retire from the firm. They are as follows:

1. Old age;
2. Better opportunity;
3. ill health;
4. Conflict between the partners etc.