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 ?
A partner can retire from the firm in three different ways. They are as follow
(i) Retirement Through Mutual Consent - A partnership firm take its shape through mutual consent of partners in the same way. A partner may retire if all the partners agree on the decision of his/her retirement.
(ii) When There is a Provision in Partnership Deed - When there is a provision for the retirement of a partner in the partnership deed in that case partner may retire from the firm by expressing his/her intention of leaving the firm through a notice to the other partners of the firm.
(iii) Retirement Through Written Notice - In case when 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.
A partner can retire from the firm in three different ways. They are as follow
(i) Retirement Through Mutual Consent - A partnership firm take its shape through mutual consent of partners in the same way. A partner may retire if all the partners agree on the decision of his/her retirement.
(ii) When There is a Provision in Partnership Deed - When there is a provision for the retirement of a partner in the partnership deed in that case partner may retire from the firm by expressing his/her intention of leaving the firm through a notice to the other partners of the firm.
(iii) Retirement Through Written Notice - In case when 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.
