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A partner can retire on_____________
- a)Reaching the age of superannuation
- b)On the balance in the capital account reaching a certain amount
- c)In accordance with the Partnership Deed
- d)On the condition of his nominee becoming a partner
Correct answer is option 'C'. Can you explain this answer?
Verified Answer
A partner can retire on_____________a)Reaching the age of superannuati...
Partner retirement in accordance with the Partnership Deed
A partner can retire from a partnership in accordance with the Partnership Deed, which is a legal agreement that outlines the terms and conditions of the partnership. The Partnership Deed may specify the conditions under which a partner can retire, including:
- Age of superannuation: The Partnership Deed may state that a partner can retire upon reaching a certain age, known as the age of superannuation. This age is typically determined by the partners and may vary depending on the agreement.
- Balance in the capital account: The Partnership Deed may specify that a partner can retire once the balance in their capital account reaches a certain amount. This ensures that the retiring partner receives a fair share of the partnership's assets.
- Consent of other partners: The Partnership Deed may require the consent of the other partners for a partner to retire. This ensures that the remaining partners have the opportunity to review and approve the retirement decision.
- Notice period: The Partnership Deed may also specify a notice period that a partner must give before retiring. This allows the partnership to make necessary arrangements and adjustments to accommodate the retiring partner's departure.
- Consequences of retirement: The Partnership Deed may outline the consequences of a partner's retirement, such as the distribution of assets, settlement of liabilities, and the admission of a new partner to replace the retiring partner.
It is important for partners to carefully review and adhere to the provisions outlined in the Partnership Deed when considering retirement from a partnership. The Partnership Deed serves as a legal document that governs the partnership's operations and ensures a smooth transition during the retirement process.
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A partner can retire on_____________a)Reaching the age of superannuationb)On the balance in the capital account reaching a certain amountc)In accordance with the Partnership Deedd)On the condition of his nominee becoming a partnerCorrect answer is option 'C'. Can you explain this answer?
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