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Sir retiring partner is unlimitedly liable for decision taken uptill his retirement. He will also be unlimitedly liable for decision taken after his retirement Unless he gives notification to 3rd party for his resignation. Am I right?
Not necessarily, but substantially ok
It is possible that, as one partner retires, a new one is introduced into the firm
In that situation it is potentially the case that the new one will accept the existing liabilities and the old one will be relieved of any further responsibility
That’s called a contract of novation
OK?
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