Question

Difference between reconstitution of the firm and dissolution of the forums

Answer 1

Answer:

When the partnership between all the partners of a firm is dissolved, then it is called dissolution of the firm . ... Let us look at the legal provisions for the dissolution of a firm. ... However, the partnership

Answer 2

The reconstitution of the firm refers to the alterations in structure or framework of the firm. Dissolution of the firm refers to closing down of the work of the firm.

Explanation:

Reconstitution of a firm

• The reconstitution of a firm results in reforming of partnership firm by changing the number of  partners and the status of the firm
• Reconstitution of a firm basically refers to re-constructing the partnership with making alterations on the  profit sharing ratio, death, admitting or retirement of partners, or any other kind of changes in their partnership deed.

Dissolution of the firm

• Dissolution of the firm refers to terminating the partnership  firm along with its business.
• Dissolution of a firm can take place through agreements, Compulsory dissolution due to bankruptcy, Dissolution due to certain eventuality, or closing the partnership  at will

To know more about partnership deed

What is partnership deed? and why is a partnership deed prepared?​

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