Deed of Retirement of Partner or Partnership Firm

Team Lawyered

Apr 8, 2020
5 min to read

Deed of Retirement of Partner or Partnership Firm

According to Section 32 of the Indian Partnership Act, 1932, “A partner retires when he ceases to be a member of the firm without ending the subsisting relations between the other members of the firm or between the firm and other parties. If a partner withdraws from a firm by dissolving it, then it is a dissolution and not retirement of a partner. The retirement of a partner from a firm does not dissolve it.” Hence, a partner may retire:

● With the consent of all the partners,

● In accordance with an express agreement by the partners, or

● When the partnership is at will, by giving notice in writing to all the other partners of his intention to retire.

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