What are the different
ways in which a partner can retire from the firm?
What are the different ways in which a partner can retire from the firm?
The following are the
different ways in which a partner can retire from a firm.
i. With the
consent of all other partners: A partner must take the
consent of all the co-partners of the firm before his/her
retirement. Thereafter, the partner can retire from the firm if and
only if all the partners agree on the decision of his/her retirement.
ii) With an
express agreement by all the partners: In case of written
agreement among the partners a partner may retire from the firm by
expressing his/her intention of leaving the firm though a notice to
the other partners of the firm.
iii) By giving a
written notice: If partnership among the partners is at will
then a partner may retire by giving notice in writing to all the
other partners informing them about his/her intention to retire.
The following are the different ways in which a partner can retire from a firm.
i. With the consent of all other partners: A partner must take the consent of all the co-partners of the firm before his/her retirement. Thereafter, the partner can retire from the firm if and only if all the partners agree on the decision of his/her retirement.
ii) With an express agreement by all the partners: In case of written agreement among the partners a partner may retire from the firm by expressing his/her intention of leaving the firm though a notice to the other partners of the firm.
iii) By giving a written notice: If partnership among the partners is at will then a partner may retire by giving notice in writing to all the other partners informing them about his/her intention to retire.
