Explain what do you mean by Termination of Partnership

Question

Explain what do you mean by Termination of Partnership?

Answer 1

A good partnership agreement will make express provision for what is to happen on the retirement or death of a partner, including what will justify termination, how much notice a partner must give when leaving the partnership, whether the partnership will continue with the remaining members, how the retiring partner's share is to be valued, and how continuing partners will buy out the share of a deceased or retired partner.