Letter for retirement from partnership

Question

Letter for retirement from partnership

02-Mar-2023 (In Labour & Service Law)

Do I require to submit a Partnership Retirement Letter before retiring as an acting partner of a firm?

Answers (1)

Answer #1

Adv. Chikirsha Mohanty

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LawRato LawRato · Accepted Answer · 2017-03-02T17:13:26+05:30

A Partnership Retirement Letter is required to be submitted by you, whenever you wish to retire from an existing partnership. It is a formal notification to the partnership about your intention to retire.

This letter should state the date of retirement, the terms of the retirement, particularly how you will be re-paid any sums due and the restrictions imposed on you following your retirement. The remaining partners of the firm shall continue to run the partnership post your retirement.