This is one of Terms of Partnership Contract:

 

2. Commencement and Duration

 

2.1. Subject to the provisions for retirement, resignation, expulsion and dissolution hereinafter contained the Firm shall continue the joint lives of the Partners and the survivors of them.

 

2.2. If any Partners ceases to be a partner by reason of his death or retirement or expulsion in accordance with the provisions of this agreement the Firm shall not determine as regards the surviving or continuing Partners.

 

2.3. The Partnership shall continue until terminated at the end of any Partnership Year by a majority of the Partners giving to all the other Partners not less than three months’ written notice of their intention to do so.

Key words:

• Expulsion – this is a situation where someone leaves a business partnership because the other partners force him or her to go

• Resignation – this is the situation where someone leaves his or her job voluntarily. That reason stops working by telling the employer, usually by letter, that he or she is leaving

• Retirement – a word to describe the situation where someone stops working because he or she has reached a certain age. In many countries this is the age of 65

• Determine – to end or to terminate, another meaning in legal English: decide

• Cease – stop (formal)

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