e97a4b25_rtnership_and_Partnership_Firm__LIMITED_LIABILITY_PARTNERSHIP
[SR. NO.] 52 [PARTICULAR] Cessation as partners / member [PARTNERSHIP FIRM] A person can cease to be a member and will be entitled to his share of profit and capital at the time of retirement. [LIMITED LIABILITY PARTNERSHIP] 
A partner can cease to be a member by transferring his share but the transfer of right or cessation of partner does not by itself cause the disassociation of the partner notwithstanding his retirement, and he like the other continuing partners of the firm remain liable as partner to third parties for any act done by any of them which would have been an act of the firm if done before retirement until public notice is given of the retirement either by the retired partner or any other partners of the reconstituted firm.
Difference between Limited Liability Partnership and Partnership Firm
LIMITED LIABILITY PARTNERSHIP