Retirement of partner.

Retirement of a partner:

A partner may retire from a firm-

1.with the consent of all the other partners such consent may be expressed or implied.

2.in accordance with an expressagreement by the partners or,

3.when the partnership is at will by giving notice in writing to all the other partners of his intension to retire.

Liability of retierd partner:

This may be discussed under the following two heads:

1.liability before retirement:

A retirement partner continues to be liable for all the acts of the firm done before his retirement or acts pending at the time of his retirement unless he is discharged from his liability.


2.liability after tetirement:

A retired partner along with other partners at the time of his retirement continues to be liable as partner to third parties for any act done by any of them after the retirement of the partner-untill a public notice is given of the retirement.