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DISSOLUTION OF PARTNERSHIP FIRM
MEANING: Dissolution of partnership means discontinuance of relationship between partners.
Dissolution without the interference of the
courtDissolution by the order
of court
Conditions of dissolution of firm
Dissolution without the interference of the court
Dissolution by
agreement
Compulsory
dissolution
Dissolution on the happening
of certain events
Dissolution by Notice
Expiry of the period
Death of
partner
Insolvency of a partner
Fulfillment of the object for
which the partner ship
firm was formed
Dissolution by the agreement
When all the partner of the firm agree to dissolve the partnership firm
business, it is called dissolution by agreement
Compulsory dissolution
There is compulsory dissolution of partnership firm under the following circumstance:
By the adjudication of all partners or all except one becoming insolvent. Or By the business of the firm becoming unlawful due to the happening of any such event.
Dissolution on the happening of certain events
On the expiry of the period for which a partner ship firm was formed
On the insolvency of a partner
On the death of partner
On the fulfillment of the object for which the partnership firm was formed
Dissolution by Notice
When the duration of the partnership business is not fixed and the partnership is at will, the firm may be dissolved by any partner, giving
notice in writing to all the other partners of his intention to dissolve the firm.
Dissolution by the order of court
Permanent incapacity
Continuous lossInsanit
yJust and
equitable ground
Persistent disregard of partnership
agreement by a partner
Misconduct
Transfer of
interest
InsanityIf a partner ( not a sleeping partners has become of unsound mind, then court may allow dissolution of firm
Permanent incapacityIf a partner ( not a sleeping partners) has
become permanently incapable of performing of his duties as partner, then
court may allow dissolution of firm
Misconduct of partners
When any partner is guilty of any misconduct which is likely to adversely affect the carrying on business the court may allow dissolution of firm.
Persistent disregard of partnership agreement by a
partnerWhen a partner willfully or persistently commits breech of agreement which regard to matters relating to the business of the firm , any other partner may apply to court for dissolution of firm
Continuous lossWhen a firm is working in
continuous loss, any partner may apply to court for dissolution of firm.
Transfer of interest
When a partner has transferred the whole of his interest in the firm to a third party then any other partner may apply to court for dissolution.
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