Distinguish between the following: (iv) Retirement of a partner and Expulsion of a partner.
CS Professional · Drafting, Pleadings and Appearances · PYQS · December 2023
Distinguish between the following: (iv) Retirement of a partner and Expulsion of a partner.
Answer & Explanation:
Answer 2A(iv) A partner may retire from a firm with the consent of all other partners. If the terms of the agreement so provide, a partner may retire by notice to the other partners. In a partnership at will also a partner can retire by giving notice in writing to all the other partners of his intention to retire. A partner can be expelled from a firm by a majority of the partners where such a power is conferred by the agreement between the partners and the power is exercised in good faith.
Topics: Partnership Law
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