Question 14 of 35
Q.What is meant by retirement of a partner ?
Tamil Nadu DgeTamil Nadu HSC (DGE) Commerce Board 2022Subjective· 2mImportance★★★★★
40% · 14/35 Questions
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Start your 14-day free trial to unlock the full solution →Retirement of a partner is the process by which a partner leaves (withdraws from) the firm, and the continuing partners carry on the business among themselves.
A partner may leave a firm during its continuance. This is called retirement of a partner. On retirement the outgoing partner ceases to be a member, but the firm is not dissolved — the remaining partners continue the business under a reconstituted partnership.
A partner may retire when:
- there is an agreement/clause in the partnership deed permitting it;
- all the other partners give their consent; or
- (in a partnership at will) by giving notice in writing to the other partners. …
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