Question

38. How and in what circumstances can a firm be dissolved ?​

Answer 1

Answer:

A firm may be dissolved under the following circumstances:

(a) Dissolution by Agreement (Section 40):

(b) Dissolution by Notice (Section 43):

(c) Compulsory Dissolution (Section 41):

(i) Insolvency of Partners:

(ii) Illegal Business:

(d) Contingent Dissolution (Section 42)