Discuss briefly the circumstances when a partnership firm is dissolved by the order of the court
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If a partner sells his share to a third party or transfers his share to another person permanently, other partners can move the court for dissolving the firm. (vi) Regular Losses: When the firm cannot be carried on profitably, then the firm can be dissolved.
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A partnership firm can be dissolved by an agreement among all the partners. Section 40 of Indian Partnership Act, 1932 allows the dissolution of a partnership firm if all the partners agree to dissolve it. Partnership concern is created by agreement and similarly it can be dissolved by agreement.
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