DIFFERENCE BETWEEN DISSOLUTION OF PARTNERSHIP AND DISSOLUTION OF FIRM

Definition of Dissolution of Partnership

Partnership implies the abstract legal relation that exists between the partners. Dissolution of Partnership is, therefore, the termination of the relation between the partners.

This may take place due to the retirement or incapacity of a partner due to insanity, death or any other cause, the partnership, meaning that the relationship between that partner and other partners comes to an end. However, the remaining partners may continue, and thus the firm does not lose its existence. But, when the partners do not undertake the business further, the firm is dissolved automatically….

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