Multiple choice

A partner can retire on

  1. reaching the age of superannuation

  2. on the balance in the capital account reaching a certain amount

  3. in accordance with the Partnership Deed

  4. on the condition of his nominee becoming a partner
Reveal answer Fill a bubble to check yourself
C Correct answer
Explanation

Partnership retirement rules are governed by the Partnership Deed agreed between partners. The deed specifies conditions like age, capital balance, or other mutually agreed terms. Age superannuation or capital balance might be mentioned in the deed, but the retirement itself happens as per the deed's provisions. Nominee becoming a partner is not a standard retirement condition.

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