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A partner may retire from an existing firm
- a)with consent of all partners
- b)as per express agreement
- c)by written notice in partnership at will
- d)All of these
Correct answer is option 'D'. Can you explain this answer?
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A partner may retire from an existing firma)with consent of all partne...
Retirement of a Partner in a Firm
Retirement of a partner from a partnership can occur through various methods as outlined in partnership laws. The correct answer to the query is option 'D', which includes all the mentioned scenarios. Here’s a detailed explanation:
1. Consent of All Partners
- A partner may retire if all the remaining partners agree to the retirement.
- This consensus ensures that the transition is smooth and that the firm's operations can continue without disruption.
2. As Per Express Agreement
- If there is an express agreement within the partnership deed regarding the retirement of a partner, that provision can be invoked.
- Such agreements often outline the procedure and conditions under which a partner may retire, including any financial settlements.
3. Written Notice in Partnership at Will
- In a partnership at will, any partner can retire by providing written notice to the other partners.
- This notice must comply with the terms set out in the partnership agreement, if any, or adhere to the statutory requirements of notice periods.
Conclusion
- Each method of retirement ensures that the process respects the rights and obligations of all partners involved.
- Therefore, since all three options (a, b, and c) are valid ways for a partner to retire, the correct answer is indeed "D. All of these." This highlights the flexibility and structure that governs partnerships, allowing for orderly transitions and minimizing conflicts.
Retirement of a partner from a partnership can occur through various methods as outlined in partnership laws. The correct answer to the query is option 'D', which includes all the mentioned scenarios. Here’s a detailed explanation:
1. Consent of All Partners
- A partner may retire if all the remaining partners agree to the retirement.
- This consensus ensures that the transition is smooth and that the firm's operations can continue without disruption.
2. As Per Express Agreement
- If there is an express agreement within the partnership deed regarding the retirement of a partner, that provision can be invoked.
- Such agreements often outline the procedure and conditions under which a partner may retire, including any financial settlements.
3. Written Notice in Partnership at Will
- In a partnership at will, any partner can retire by providing written notice to the other partners.
- This notice must comply with the terms set out in the partnership agreement, if any, or adhere to the statutory requirements of notice periods.
Conclusion
- Each method of retirement ensures that the process respects the rights and obligations of all partners involved.
- Therefore, since all three options (a, b, and c) are valid ways for a partner to retire, the correct answer is indeed "D. All of these." This highlights the flexibility and structure that governs partnerships, allowing for orderly transitions and minimizing conflicts.
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A partner may retire from an existing firma)with consent of all partnersb)as per express agreementc)by written notice in partnership at willd)All of theseCorrect answer is option 'D'. Can you explain this answer?
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A partner may retire from an existing firma)with consent of all partnersb)as per express agreementc)by written notice in partnership at willd)All of theseCorrect answer is option 'D'. Can you explain this answer? for CA Foundation 2025 is part of CA Foundation preparation. The Question and answers have been prepared according to the CA Foundation exam syllabus. Information about A partner may retire from an existing firma)with consent of all partnersb)as per express agreementc)by written notice in partnership at willd)All of theseCorrect answer is option 'D'. Can you explain this answer? covers all topics & solutions for CA Foundation 2025 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for A partner may retire from an existing firma)with consent of all partnersb)as per express agreementc)by written notice in partnership at willd)All of theseCorrect answer is option 'D'. Can you explain this answer?.
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