section 32. Retirement of a partner.—

(1) A partner may retire,—

(a) with the consent of all the other partners,

(b) in accordance with an express agreement by the partners, or

(c) where the partnership is at will, by giving notice in writing to all the other partners of his intention to retire.

A retiring partner may be discharged from any liability to any third party for acts of the firm done before his retirement by an agreement made by him with such third party and the partners of the reconstituted firm, and such agreement may be implied by a course of dealing between such third party and the reconstituted firm after he had knowledge of the retirement.

2) the partnership deed must contain a clause regarding retirement of partner .

3) you can aissue public notice of your retirement as partner of the firm

4) you can also inform the bank and other regulatrory authorities about your retirement as partner

partnership deed must be containing clause regarding distribution of profits of firm

you would be entitled to such share in profits/ salary as provided in the partnership deed

You can see the conditions and terms of the partnership business.

You can refer to the articles of association of the firm for more clarity on this issue.

Every partner is an agent of the other partners and has implied authority to do all acts and things necessary for the purpose of carrying on business of the firm.

As stated above, the partnership is not a legal entity by itself, but only an association of persons and the name of the firm is only a mode or compendious expression representing the partners

Any partner may. with the consent of all the other partners or in terms of the deed of partnership where the partnership is at will, by giving notice in writing to all other partners, to that effect, dissolve the partnership or retire from partnership.

You can even think about dissolution of partnership under the provisions of partnership act.

The Act also provides that a partnership firm may be dissolved under the following circumstances namely,

· as a result of any agreement between all the partner

· by adjudication of all the partners or all partners but one as insolvent, or

· by the happening of an event which makes it unlawful for the business of the firm to be carried on in partnership or

· subject to agreement between the parties,

as this is the only business I am doing whether I am liable to take salary to run my house? Partner is having a full time pvt. limited company owned by him and his family

Most of the partnership firms includes clause related to partners salary in their partnership treaty. Salary to partner can be amount specified or agreed by the partners and as specified in the partnership deed. However for income tax purpose the salary paid to the working partner needs to be calculated as defined under section 40(b).

Salary to the sleeping partner is disallowed.