Vikash Shaw 19 April 2022
G.L.N. Prasad (Retired employee.) 20 April 2022
Once the partner retires, the accounts has to be settled, and only after such full settlement, the firm is entitled to continue the accounts showing the contribution of the new partner and the deed has to be signed by the new partner only.
Rama chary Rachakonda (Secunderabad/Telangana state Highcourt practice watsapp no.9989324294 ) 20 April 2022
A retired partner continues to be liable to the third party for acts of the firm till such time that he or other members of the firm give a public notice of his retirement. However, if the third party deals with the firm without knowing that he was a partner in the firm, then he will not be liable to the third party.
Dr J C Vashista (Advocate) 21 April 2022
I concur the opinion and advise of expert Mr. Rama Chary Rachakonda.
However, the partnership comes to an end on retirment of one of the two partners if there is no such clause to induct "new" partner in the partnership deed.
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