— Kishore V, SME and ACW at Edumarz
The following are the several options for a partner to leave a firm.
(i) With the approval of all other partners:
Before retiring, a partner must get the consent of all of the firm’s co-partners. The partner can then leave the business if and only if all of the other partners consent to his or her departure.
(ii) With the express consent of all partners:
In the event of a written agreement among the partners, a partner may resign from the business by notifying the other partners of his or her desire to leave.(iii) By providing written notice:
If the partnership is at will, a partner may retire by giving written notice to the other partners, advising them of his or her desire to retire.