DISSOLUTION OF PARTNERSHIP FIRM
DISSOLUTION OF PARTNERSHIP FIRM
Dissolution
of partnership means change in relationship among the partners but the firm
continues. On the other hand, dissolution of firm means business of the firm is
discontinued, i.e., closed and the firm is wound up, i.e., dissolved. According
to Section 39 of the Indian Partnership Act, 1932, "Dissolution of the
firm means dissolution of partnership among all the partners in the firm."
In such an event, all assets of the firm are realized, i.e., sold and liabilities
are paid. The Balance, if any, is paid to the partners in settlement of their
accounts. If there is shortfall in meeting outside liabilities, it is met by
the partners from their private assets.
MODES OF DISSOLUTION OF A FIRM ARE
1.
By Mutual Agreement: A firm may be
dissolved when all the partners agree for its dissolution. A partnership firm
is set up by an agreement, similarly, it can be dissolved by an agreement.
2.
Compulsory Dissolution: A firm may
be compulsorily dissolved:
·
when all the partners or all the partners except one become
insolvent.
·
(b) when business of the firm becomes unlawful.
3.
By Notice: In case 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. [Section 43]
4. On
Happening of an Event: A firm may be dissolved in any of the following
events, if the Partnership Deed provides:
·
on expiry of the term for which the firm was constituted.
·
on completion of the venture.
·
on death of a partner.
·
on adjudication of a partner as insolvent.
5. Dissolution by Court: Court may pass
order for the dissolution of the firm when
·
a partner becomes a person of unsound mind.
·
a partner is permanently incapacitated.
·
a partner is found guilty of misconduct.
·
partnership agreement is breached persistently by some
partner.
·
court finds dissolution of the firm justified.
Join
COC Education, We provided best video classes for CA/CMA/CS/Class 11th &
12th/ B.com/M.com
Contact
us on- 9999631597,
8448322142, 7303445575
Visit
YouTube Channel CA/CMA Santosh Kumar
Click
Now for Demo Video www.coceducation.com/free-lectures
Join
WhatsApp group for your domain course www.coceducation.com
ENROLLED
WITH US TODAY AND ENLIGHTEN YOUR CAREER!!!
.jpg)
.png)
.png)
.png)
.png)
.png)
Top Reviews
Introduction to Statistics for CA Foundation
Introduction to Statistics for CA Foundation Business Mathematics, Logical Reasoning and Statistics is designed as per latest CA Foundation syllabus for Paper 3 to provide a firm grounding in the principles, techniques and practice. The book adopts self-study approach and has been written in student-friendly manner. With a blend of conceptual learning and problem-solving approach, it offers in-depth understanding of the basic mathematical and statistical tools. #introductiontostatistics
.jpg)
Chapter X of Companies Act 2013
Chapter X of Companies Act 2013 The company shall place the matter relating to such appointment for ratification by members at every annual general meeting. ... Under the Act, the provisions for rotation of auditors in the listed Company & certain other class of Companies, have been provided for. #chapterxofcompaniesact2013
.jpg)
Relevant sections under the Companies Act, 2013 dealing with fraud and false statements
Relevant sections under the Companies Act, 2013 dealing with fraud and false statements The new parent corporate law “The Companies Act 2013” is mostly ... I am limiting my write-up to the provisions to the Act, and I request the readers to refer relevant rules, if any, before ... in the 2013 Act is the Section 447 dealing with “Punishment for fraud”. ... Section 448
.jpg)
What is Corporate Image
What is Corporate Image A corporate identity or corporate image is the manner in which a corporation, firm or business enterprise presents itself to the public. The corporate identity is typically visualized by branding and with the use of trademarks, but it can also include things like product design, advertising, public relations etc #WhatisCorporateImage
.jpg)
What is Energy Audit
What is Energy Audit An energy audit is an inspection survey and an analysis of energy flows for energy conservation in a building. It may include a process or system to reduce the amount of energy input into the system without negatively affecting the output. #whatisenergyaudit
