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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 the above
Correct answer is option 'D'. Can you explain this answer?
Most Upvoted Answer
A partner may retire from an existing firm_______:a)With consent of al...
According to Indian partnership act 1932 a patner can retire: 1)with the consent of all patner (even if their is no written deed ).
2)by express agreement which is mutual agreement among partners (in written form).
3)by written deed (only written deed not in the case of oral deed )
so all options are correct.
2)by express agreement which is mutual agreement among partners (in written form).
3)by written deed (only written deed not in the case of oral deed )
so all options are correct.
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A partner may retire from an existing firm_______:a)With consent of al...
Retirement of a Partner in a Firm
Retirement of a partner in a firm can take place in various ways. The ways in which a partner may retire from an existing firm are as follows:
1. With consent of all partners:
A partner may retire from an existing firm with the consent of all partners. In such a case, the retiring partner must get the consent of all the partners of the firm before retiring.
2. As per express agreement:
Partners may agree on the terms of retirement in the partnership agreement. The terms of retirement can be formulated, and the partner can retire as per the agreement.
3. By written notice in partnership at will:
If the partnership is at will, any partner can retire by giving a written notice to the other partners. The notice must be given in accordance with the agreement between the partners.
All of the above:
The correct option is ‘D’ which means all of the above ways are applicable for a partner to retire from an existing firm.
Conclusion:
A partner may retire from an existing firm with the consent of all partners, as per express agreement, or by giving a written notice in partnership at will. In all the cases, the partner must follow the terms and conditions mentioned in the partnership agreement.
Retirement of a partner in a firm can take place in various ways. The ways in which a partner may retire from an existing firm are as follows:
1. With consent of all partners:
A partner may retire from an existing firm with the consent of all partners. In such a case, the retiring partner must get the consent of all the partners of the firm before retiring.
2. As per express agreement:
Partners may agree on the terms of retirement in the partnership agreement. The terms of retirement can be formulated, and the partner can retire as per the agreement.
3. By written notice in partnership at will:
If the partnership is at will, any partner can retire by giving a written notice to the other partners. The notice must be given in accordance with the agreement between the partners.
All of the above:
The correct option is ‘D’ which means all of the above ways are applicable for a partner to retire from an existing firm.
Conclusion:
A partner may retire from an existing firm with the consent of all partners, as per express agreement, or by giving a written notice in partnership at will. In all the cases, the partner must follow the terms and conditions mentioned in the partnership agreement.
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A partner may retire from an existing firm_______:a)With consent of all partnersb)As per express agreementc)By written notice in partnership at willd)All of the aboveCorrect answer is option 'D'. Can you explain this answer?
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