Hi
1) Under section 32(1) of the Indian Partnership Act, 1932, in the case of a partnership being at will, every partner shall have the right to retire by giving notice to that effect to all the other partners. .
2) In your case, you have completed the mandatory requirement of retirement which is
a) Serving of retirement notice to other partners.
b) The retirement notice has been sent to your regulator Institute of chartered accountants of India along with Form No. 18 and also that your retirement is registered in the records of Institute of chartered accounts.
3) You also will need to sign the retirement deed with other continuing partners of the firm with respect to liabilities to third parties as under section 32 (3) of Indian partnership act, A retiring partner, however, continues to be liable to third parties even If the liability Is taken over by the remaining partners.
4) Therefore it is mandatory to have a deed of retirement signed so as to ensure that in the event of the retiring partner being held liable by a third party, the remaining partners shall indemnify him to that extent, when the liabilities are taken over by the remaining partners.
5) Also in case of a the partnership firm being a registered firm, the retiring partner must give notice of his retirement to–
(i) the Registrar of Firms
(ii) in the Official Gazette, and
(iii) in at least one vernacular newspaper circulating in the district where the firm has its principal place of business.
Hope this information is useful
