Retirement of a partner leads to dissolution of the firm unless otherwise agreed upon. (State True or False)
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your answer is False
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Answer:
The above-given statement is true.
Explanation:
The dissolution if firm upon the retirement of a partner is not a compulsory dissolution but a voluntary dissolution as under Section 40 of Partnership Act.
If the partners of a firm agree on the decision that after one of the partners gets retired, any other person can take his place, then it is not compulsory to dissolve the firm.
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