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Calculating Gaining Ratio

In case of pa...

Question

In case of partnership at will retiring partner has to give his notice of retirement to __________.

A

all the partners

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B

active partner

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C

senior partner

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D

registrar of firms

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Solution

The correct option is B all the partners
Retirement of a partner.—

(1) A partner may retire,—

(a)with the consent of all the other partners,

(b) in accordance with an express agreement by the partners, or

(c) where the partnership is at will, by giving notice in writing to all the other partners of his intention to retire.

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Q. Assertion :A partner has no power to act in an emergency for protecting the firm from loss. Reason: Not every partner has a right to retire by giving notice where the partnership is at will.

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