Parternship Act

PAVAN KUMAR AKA (Querist) 05 July 2011 This query is : Resolved
Does the liability continues to a partner even after his retirement from the partnership firm. If so, under what circumstances.

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Toni S. Sachdevani (Expert) 06 July 2011
Partner is liable for all the acts till his retirement. However in order to avoid such situations, one must give public notice of his retirement.

vishesh kumar (Expert) 07 July 2011
two ways
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1 by public notice

2 you may avoid your liabilty even for pre retirement acts,with the consent of the creditor by interducing one debtor on your place.

Ms. Khushnuma Khan (Expert) 07 July 2011
I agree with the above comments of my learned friends but the same also needs to be recorded in the Deed of Retirement signed between the Continuing and Outgoing Partners.

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