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Partner A and Partner B started a partnership with equal working capital in January 2014. Then Partner B could not bring more funds and Partner A had to step in and contributed 95% of the capital by 2017. Partner A was sleeping partner (not mentioned in deed, just understood). However, Partner A found that the firm was making profits which were not being disclosed by Partner B. So Partner A decided to withdraw from the firm and Partner B agreed to return the working capital and bring in another partner. Questions:

Following safeguard needs to be specified in retirement deed:-

  • Date of the retirement from the partnership
  • Compensation paid on the retirement by partnership firm.
  • Liabilities of the departing and continuing partners clearly defined
  • New shareholding partner
  • Relinquishment by the retiring partner o...

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