Question

What are two diatinction between dissolution of partnership and dissolution of firm?

Answer 1

1. Court's and intervention
2. closure of the books

Explanation:

dissolution of partnership.

1. no court intervention;dissolved by mutual agreement and reconstituted.
2. books of accounts are not closed as the business is not terminated.

dissolution of firm.

1. court may intervene and order for dissolution of firm.
2. all books of accounts are closed as business is terminated.