Question

Aims and objectives of dissolution of partnership firm

Answer 1

Partnership Firm: The business is owned, managed and controlled by an Association for profit is referred to as a partnership firm.

They are easy to start and are the types of businesses in the unorganized sector.

Dissolution of partnership: The ending of business at the time of dissolution and shares are returned back to the partners.

Aims and Objectives:

• Better services
• Increased survival
• More market share
• Profits

To Identify priorities and services that will improve social and economic regeneration.

Answer 2

A partnership Firm is a firm which is controlled by two or more than two partners with the motive to earn profit.

Explanation:

Dissolution of Partnership Firm:

•  Dissolution of firm means closure of the firm and end of business relationship among all the partners.
• In case of dissolution of partnership of firm, the firm can be dissolved either voluntarily by the partners or compulsorily by the court.
• There are many modes to dissolve a partnership firm:

1. By Mutual Agreement
2. Compulsory Dissolution
3. By Notice
4. On happening of an event
5. Dissolution by Court