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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?
Verified Answer
A partner may retire from an existing firma)with consent of all partne...
Retirement of a Partner in a Firm:
There are several ways in which a partner can retire from an existing firm. The options include:
1. With consent of all partners:
- The partner can retire if all the other partners agree to the retirement.
- This usually happens when there is a unanimous decision among the partners.
- It is important to have the consent of all partners to ensure a smooth transition.
2. As per express agreement:
- The partnership agreement may specify the conditions and procedures for retirement.
- The partner can retire according to the terms agreed upon in the partnership agreement.
- This can include a notice period, distribution of assets, and other relevant provisions.
3. By written notice in partnership at will:
- If the partnership is at will, which means there is no fixed term specified in the partnership agreement, a partner can retire by providing a written notice to the other partners.
- The notice period may vary depending on the agreement or applicable laws.
4. All of the above:
- In some cases, all the mentioned options may apply.
- The partner can retire with the consent of all partners, as per the express agreement, or by providing a written notice in a partnership at will.
In conclusion, a partner may retire from an existing firm with the consent of all partners, as per the express agreement, or by providing a written notice in a partnership at will. It is important to follow the procedures and conditions outlined in the partnership agreement to ensure a smooth transition.
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There are several ways in which a partner can retire from an existing firm. The options include:
1. With consent of all partners:
- The partner can retire if all the other partners agree to the retirement.
- This usually happens when there is a unanimous decision among the partners.
- It is important to have the consent of all partners to ensure a smooth transition.
2. As per express agreement:
- The partnership agreement may specify the conditions and procedures for retirement.
- The partner can retire according to the terms agreed upon in the partnership agreement.
- This can include a notice period, distribution of assets, and other relevant provisions.
3. By written notice in partnership at will:
- If the partnership is at will, which means there is no fixed term specified in the partnership agreement, a partner can retire by providing a written notice to the other partners.
- The notice period may vary depending on the agreement or applicable laws.
4. All of the above:
- In some cases, all the mentioned options may apply.
- The partner can retire with the consent of all partners, as per the express agreement, or by providing a written notice in a partnership at will.
In conclusion, a partner may retire from an existing firm with the consent of all partners, as per the express agreement, or by providing a written notice in a partnership at will. It is important to follow the procedures and conditions outlined in the partnership agreement to ensure a smooth transition.
Most Upvoted Answer
A partner may retire from an existing firma)with consent of all partne...
Explanation:
A partner may retire from an existing firm in several ways, including with the consent of all partners, as per an express agreement, or by giving written notice in a partnership at will. The correct answer is option 'D', which states that all of these options are valid ways for a partner to retire.
Consent of all partners:
One way a partner may retire from a partnership is with the consent of all partners. This means that all the partners in the firm agree to the retirement of the partner. This can be done through a formal agreement or by mutual understanding among the partners.
Express agreement:
A partner may also retire from a firm as per an express agreement. This means that there may be a specific clause or provision in the partnership agreement that outlines the process and conditions for a partner to retire. This agreement may include details such as the notice period, the distribution of assets, and any other relevant terms.
Written notice in partnership at will:
In a partnership at will, which is a partnership without a specific duration or fixed term, a partner may retire by giving written notice to the other partners. This written notice serves as a formal announcement of the partner's intention to retire and triggers the process for the partner's exit from the firm.
Summary:
In conclusion, a partner may retire from an existing firm with the consent of all partners, as per an express agreement, or by giving written notice in a partnership at will. All of these options are valid ways for a partner to retire, making option 'D' the correct answer.
A partner may retire from an existing firm in several ways, including with the consent of all partners, as per an express agreement, or by giving written notice in a partnership at will. The correct answer is option 'D', which states that all of these options are valid ways for a partner to retire.
Consent of all partners:
One way a partner may retire from a partnership is with the consent of all partners. This means that all the partners in the firm agree to the retirement of the partner. This can be done through a formal agreement or by mutual understanding among the partners.
Express agreement:
A partner may also retire from a firm as per an express agreement. This means that there may be a specific clause or provision in the partnership agreement that outlines the process and conditions for a partner to retire. This agreement may include details such as the notice period, the distribution of assets, and any other relevant terms.
Written notice in partnership at will:
In a partnership at will, which is a partnership without a specific duration or fixed term, a partner may retire by giving written notice to the other partners. This written notice serves as a formal announcement of the partner's intention to retire and triggers the process for the partner's exit from the firm.
Summary:
In conclusion, a partner may retire from an existing firm with the consent of all partners, as per an express agreement, or by giving written notice in a partnership at will. All of these options are valid ways for a partner to retire, making option 'D' the correct 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 the above.Correct answer is option 'D'. Can you explain this answer?
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