Which situation is created for the continuing partners on the retirement or death of a partner?

Dissolution of partnership

Retirement of an existing partner: It means withdrawal by a partner from the business of the firm which may be due to his bad health, old age or change in business interests. In fact, a partner can retire any time if the partnership is at will. For example, Roy, Ravi, and Rao are partners in the firm sharing profits in the ratio of 2:2:1. On account of illness, Ravi retired from the firm on March 31, 2017. This results in the reconstitution of the firm now having only two partners. This will lead to the dissolution of the partnership only not the firm.