Question

Distinguish between dissolution of partnership and dissolution of firm​

Answer 1

Answer:

dissolution of partnership refers to when a partner dies or leaves, in that case new agreement is made between rest of partners

Explanation:

dissolution of firm refers to when the whole firm is closed and if new agreement is to be made then new firm will be created

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Answer 2

Explanation:

Dissolution of Partnership is not equal to the dissolution of partnership firm. It is due to the fact that when the jural relation present between all partners, comes to an end, it is known as dissolution of firm, however, when any one of the partners become incapacitated, then the partnership between the concerned partner and other partners of the firm, comes to an end, but the firm may continue to operate, if other partners desire so.

Content: Dissolution of Partnership Vs Dissolution of Firm

Comparison Chart

Definition

Key Differences

Example

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