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Retirement Deed of Partnership Firm
The Retiring Partner (the Partner who intends to quit the Partnership) and the Continuing Partners enter into a Deed of Retirement from Partnership (the Partners who will continue to work as Partners of the existing Firm with new terms).
This Deed is applicable to all types of partnership firms. In most cases, a Partner's retirement does not dissolve the Partnership (unless there are only two partners), and the Partnership continues to operate under new circumstances. A written agreement between the Retiring Partner and the Continuing Partners will aid in the seamless exit of the Retiring Partner and prevent future disagreements.
The dissolution of the Firm, in contrast to a Partner's retirement, occurs when the Partnership dissolves and the books are closed. However, if a Partner retires and the Partnership has more than one Partner, the other Partners can continue to transact business under new terms and conditions.
“A partner retires when he ceases to be a member of the firm without ending the subsisting relations between the firm's other members or between the firm and third parties,” according to Section 32 of the Indian Partnership Act, 1932.
A dissolution, not a retirement, occurs when a partner withdraws from a firm by dissolving it. The retirement of a partner from a firm does not result in the firm's dissolution.” As a result, a partner may retire in one of three ways: with the approval of all partners, in accordance with an express agreement by the partners, or in accordance with an express agreement by the partners. When the partnership is at will, by notifying all other partners in writing of his desire to retire.

When does the partnership retirement deed become executed?
When a partner retires, he ceases to be a member of the firm without ending any existing relationships between the firm's other members or the firm and third parties. A dissolution, not a retirement, occurs when a partner withdraws from a firm by dissolving it. The retirement of a partner from a firm does not result in the firm's dissolution.
A partner in a partnership may choose to retire:
With the approval of all partners,
In accordance with the parties' clear agreement, or
By giving written notice to all of the other partners of his desire to retire, the partnership is at will.
Until he or other members of the firm give public notice of his retirement, a retired partner is nevertheless accountable to a third party for the firm's actions. However, if a third party does business with the firm without knowing that he is a partner, he is not liable to the third party.
The retiring partner, on the other hand, remains accountable for acts committed by the firm prior to his or her departure. Unless he, the relevant third party, and the partners of the reconstituted firm reach an agreement, he is liable. The sequence of interactions between the third party and the reconstructed firm after the announcement of a partner's retirement can likewise imply such an arrangement.
If the partnership is at will, it can dismiss a partner without giving notice to the public. To do so, the partnership must give all of the partners formal notice of his desire to retire.

How does a partnership deed get retired?
This agreement can be used by either the Retiring or the Continuing Partners. The following grounds are included in the Deed of Retirement:
The formal name given to the partnership at the time of its formation.
The partnership's purpose: a brief description of the business in which the partnership was involved.
Information on the Retiring and Continuing Partners, including their legal names and addresses.
The final settlement amount is the amount that will be paid by one party to the other at the close of the accounts.
From the date of retirement, the Retiring Partner will not be held accountable for the Firm's acts and omissions.
Limits: Retiring Partner's general and special restrictions in connection to the Firm.
Public Notice: Within a reasonable time after the execution of this Agreement, any party will publish a public notice.


0:00 What is it?
1:57 Ways of retiring
2:18 When to execute a retirement deed?
2:58 Reasons to retire
4:31 Conditions to be met
5:34 Key provisions