Accounts have to be settled on your retirement as partner of firm

2) Public notice has to be issued of your retirement to as partner

3) retirement deed is not sufficient for retirement

4) Section 32(3) in The Indian Partnership Act, 1932

(3) Notwithstanding the retirement of a partner from a firm, he and the partners continue to be liable as partners to third parties for any act done by any of them which would have been an act of the firm if done before the retirement, until public notice is given of the retirement: Provided that a retired partner is not liable to any third party who deals with the firm without knowing that he was a partner.

Public notice is required. If public notice is not issued you continue to be liable to third parties

2) public notice is necessary where you were carrying on business as firm

3) insist on audited accounts

The partnership and retirement shall be based on the terms of partnership deed or articles of association.

The salary what you received shall be your income which has to be shown in ITR accordingly.

you keep the retirement deed safely so that in case of any liability against the company or litigation, you can save your skin as a retired partner.

The public notice can be given to safeguard your future interests in the company.

It is not the question of what quantum of shares that you have in the company, it is based on the responsibility of a partner towards the liability on the whole.