What do u mean by partnership? Does a single partner can continue the business after the death, or retirement of other partner? Please tell me.

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Anitha Lakshmanan

Experienced Accountancy Tutor

Hi juhi, the relationship between persons who have agreed to share the profit of a business carried on by all or any of them acting for all . Generally the business of the partnership firm may not come to an end when one of the partner retires. Other partners can continue to run the business of the firm....
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Hi juhi, the relationship between persons who have agreed to share the profit of a business carried on by all or any of them acting for all . Generally the business of the partnership firm may not come to an end when one of the partner retires. Other partners can continue to run the business of the firm. Readjustment takes place in case of retirement of a partner. read less
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Dear partnership is a relationship between two or more persons who join together and agree to work for each other on sharing of profit or loss
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And a single partner can continue the business but not under partnership because on retirement or death of other partners partnership get dissolved but not the business and that single partner may continue the business under sole proprietorship.
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Commerce GURU'S

Yes, a single partner may continue but at that stage it is called individual (i.e. sole proprietor ) old partnership comes to and a new proprietorship starts.
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Accountant

No, Partnership means two or more person agreed to share profit of business by all or any of them to do for all and one person does not continue the business as per partnership act 1932
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Financial Accounting Expert

Partnership is always between two or more persons. In case of death of one partner, his/her legal heirs can participate and in case of retiremnent, either a new partner should join or the remaining partner can apply for carrying business as sole propertership.
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