what is Dissolution of Partnership firm?
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Dissolution of Partnership firm
- It means that the business is wound up and the firm is dissolved.
- Business is discontinued, as the firm is dissolved.
- Books of accounts are closed, as the business is discontinued.]
- in this case, all the assets are sold off in order to pay the liabilities of the business.
- Dissolution of a partnership firm may be done with the consent of the court.
- It may be voluntary (as per the discretion of the partners) or compulsory (as per the order of the court).
- It necessarily involves the dissolution of both the partnership as well as of the partnership firm.
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