Question

how is dissolution of partner different from dissolution of partnership firm

Answer 1

hello Ritu

Dissolution is a state when a business ends it's operations.

Dissolution of partnership means that the partnership among the partners comes to an end but the firm keeps on doing its operations.
Here the relationship between partners ends.

Following are the some cases when partnership dissolves

◆ Change in profit sharing ratio among the partners

◆Admission of a new partner

◆Retirement of an existing partner or death

◆Insolvency of the partner

◆Dissolution by agreement etc.

Dissolution of the partnership firm means that the firm ends it's operations. All the books are closed by paying all liabilities and distribution of all the assets among partners or by sale of all the assets.

Dissolution of partnership firm means dissolution of business for always

Following are the cases of dissolution of firm

◆ Intervention by the court
◆ insolvency of all the partners
◆Mutual agreement of all the partners etc.

hope it helps
#jerri