Question

Notice of retirement of a partner :

• A. May be given by the retired partner
• B. May be given by any partner of the reconstituted firm
• C. May be given by third party
• D. May be given by either (a) or (b) above

Answer 1

The correct option is D May be given by either (a) or (b) above

The partner who retires from an existing firm is known as a 'retiring partner' or an 'outgoing partner'. The retiring partner must give a public notice of his retirement. He may retire with the consent of all the partners. The partners may enter into an express agreement about the retirement of a partner. The notice may be given by the partner of the firm as well.