Explain the types of dissolution of partnership firm?
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The Indian Partnership Act, 1932 defines dissolution in different ways. Section 40 to 44 states dissolution of partnership firm. Dissolution of a partnership firm can be done in 2 ways: Dissolution without the intervention of the court(section 40-43
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Continuation of business The business discontinues.
Winding up The firm is wound up. Assets are realized and liabilities are settled.
Court order A Court Order can dissolve a firm
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