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Dissolution of firm means :
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Answer:
Dissolution of partnership firm is a process in which relationship between partners of firm is dissolved or terminated. If a relationship between all the partners of firm is dissolved then it is known as dissolution of firm. In case of dissolution of partnership of firm, the firm ceases to exist. This process includes the discarding and disposing of all the assets of firm or and settlements of accounts, assets, and liabilities. Learn more about Dissolution of partnership firm, legal provisions, and settlement of accounts.
As we know that after the dissolution of partnership firm the existing relationship between the partner’s changes. But, the firm continues its activities. The dissolution of partnership takes place in any of the following ways:
Change in the existing profit sharing ratio.
Admission of a new partner
The retirement of an existing partner
Death of an existing partner
Insolvency of a partner as he becomes incompetent to contract. Thus, he can no longer be a partner in the firm.
On completion of a specific venture in case, the partnership was formed specifically for that particular venture.
On expiry of the period for which the partnership was formed.
Answer:
Dissolution of partnership is a process in which
Relationship between partner firm is dissolved
Or terminated.
Explanation:
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