View Single Post
  #1  
Old 11-15-2017, 01:35 AM
yaserca yaserca is offline
Junior Member
 
Join Date: Nov 2017
Posts: 13
Smile retirement in partnership firm

Under the Partnership Act, no person can be admitted into a partnership without the consent of the other partner or partners unless there is any contract to the contrary (s. 31).
Any partner may. with the consent of all the other partners or in terms of the deed of partnership where the partnership is at will, by giving notice in writing to all other partners, to that effect, dissolve the partnership or retire from the partnership.
A retiring partner, however, continues to be liable to third parties even If the liability Is taken over by the remaining partners (s. 32) Therefore in a deed of retirement it is necessary to provide that In the event of the retiring partner being held liable by a third party, the remaining partners shall indemnify him to that extent, when the liabilities are taken over by the remaining partners.
Reply With Quote

Old Sponsors