Question

Mention any two circumstances for Retirement of a Partner.​

Answer 1

Answer:

In case of Partnership at Will, a partner may retire at any time. Retirement amounts to a reconstitution of a firm where the number of partners, their capital contribution ratio and also the profit sharing ratio changes. The retiring partner is paid his share of capital, goodwill and revaluation profit or loss.

Explanation:

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Answer 2

Retirement of a partner occurs when one or more partners depart the firm while the remaining partners continue to run the business. Amit, Sunil, and Ashu are business partners. Ashu want to leave the firm due to family issues. The remaining partners agree to let him leave the partnership. As a result of factors such as old age, bad health, strained relationships, and so on, an existing spouse may opt to leave the partnership. The current partnership comes to an end due to retirement, and the remaining partners create a new agreement, reforming the partnership business with new terms and conditions. The claim of the retiring partner is settled at the time of retirement.

A partner may resign in one of three ways:

1. with the approval of all partners,
2. in accordance with the terms of the agreement, or
3. of his or her own free will.