{"id":11778,"date":"2020-06-05T06:20:44","date_gmt":"2020-06-05T06:20:44","guid":{"rendered":"http:\/\/itatonline.org\/digest\/there-is-a-clear-distinction-between-retirement-of-a-partner-and-dissolution-of-a-partnership-firm-on-retirement-of-the-partner-the-reconstituted-firm-continues-a\/"},"modified":"2020-06-05T06:20:44","modified_gmt":"2020-06-05T06:20:44","slug":"there-is-a-clear-distinction-between-retirement-of-a-partner-and-dissolution-of-a-partnership-firm-on-retirement-of-the-partner-the-reconstituted-firm-continues-a","status":"publish","type":"post","link":"https:\/\/itatonline.org\/digest\/there-is-a-clear-distinction-between-retirement-of-a-partner-and-dissolution-of-a-partnership-firm-on-retirement-of-the-partner-the-reconstituted-firm-continues-a\/","title":{"rendered":"There is a clear distinction between \u2018retirement of a partner\u2019 and \u2018dissolution of a partnership firm\u2019. On retirement of the partner, the reconstituted firm continues and the retiring partner is to be paid his dues in terms of Section 37 of the Partnership Act. In case of dissolution, accounts have to be settled and distributed as per the mode prescribed in Section 48 of the Partnership Act. When the partners agree to dissolve a partnership, it is a case of dissolution and not retirement A partnership firm must have at least two partners. When there are only two partners and one has agreed to retire, then the retirement amounts to dissolution of the firm . Accounts to be settled as it amounts to dissolution of firm . Trial Court was directed to pass the final decree in accordance with law .(CANOS. 6659 -6660 of 2010 dt 26 -5- 2020 ) Guru Nanak Industries v Amar Singh , Through LRS ( SC) www.itatonline.org ."},"content":{"rendered":"<p><strong>There is a clear distinction between \u2018retirement of a partner\u2019 and \u2018dissolution of a partnership firm\u2019. On retirement of the partner, the reconstituted firm continues and the retiring partner is to be paid his dues in terms of Section 37 of the Partnership Act. In case of dissolution, accounts have to be settled and distributed as per the mode prescribed in Section 48 of the Partnership Act. When the partners agree to dissolve a partnership, it is a case of dissolution and not retirement A partnership firm must have at least two partners. When there are only two partners and one has agreed to retire, then the retirement amounts to dissolution of the firm . \u00a0Accounts to\u00a0 be\u00a0 settled as it amounts to dissolution of firm . \u00a0\u00a0Trial Court was directed to pass the final decree in accordance with law .(CANOS. \u00a0\u00a06659 -6660 of 2010 dt \u00a026 -5- 2020 )<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Indian Partnership Act, 1932 <\/p>\n<p>S.37 : Rights of outgoing partner in certain cases to share subsequent profits \u2013 Retirement \u2013 Dissolution -Mode of settlement of accounts &#8211; When there are only two partners and one has agreed to retire, then the retirement amounts to dissolution of the firm .  [ S.48 ]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[4],"tags":[],"class_list":["post-11778","post","type-post","status-publish","format-standard","hentry","category-allied-laws"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-33Y","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/11778","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/comments?post=11778"}],"version-history":[{"count":1,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/11778\/revisions"}],"predecessor-version":[{"id":11779,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/11778\/revisions\/11779"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=11778"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=11778"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=11778"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}