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I and my 3 friends have applied for a Government society base tailoring shop and our application was selected. We didn't had our partnership agreement done till then so we applied for same. In the meantime we had to pay deposit for the shop that was allocated to us so we contacted an investor who gave us 1 lac to start the business. As our partnership agreement was in process, we did a notary of the loan we took from investor on all our four partners’ name. Emi was decided. All the 1 lac investment we took was put in the shop deposit, purchasing the required commodities like mirror, threads, fans etc. and some amount kept for rolling of cash.

Section 32 of Partnership Act tells about Retirement of a partner

  1. A partner may retire- with the consent of all the other partners,in accordance with an express agreement by the partners, or where the partnership is at will, by giving notice in writing to all the other partners of his intention to retire.

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