To close the business of partnership firm. Answer in a word / phrase / term.
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MEANS...
DISSOLUTION OF PARTNERSHIP FIRM..
MAYBE IT HELPS YOU
DISSOLUTION OF PARTNERSHIP FIRM..
MAYBE IT HELPS YOU
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Answer:
"Dissolution"
Explanation:
When a partnership firm is closed then that is referred to by the term "dissolution of the firm".
According to the Indian Partnership Act, 1932, a partnership firm can be dissolved either voluntarily or compulsorily. The conditions when a partnership firm stands dissolved compulsorily are:
1) all or all but one partners become insolvent
2) illegal business by the firm
The voluntary conditions of dissolving a firm involve the death of a partner, retirement of a partner, completion of the interest for which partnership was created, etc.
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