Question

In context of the Partnership Act, 1932, bring out the distinction between the ‘Dissolution of Partnership’ and the ‘Dissolution of Firm’. Also explain the different modes of dissolution of a firm.

28 Feb 2024
Answer :
Word Count : 690

The Partnership Act, 1932, draws a distinction between the "Dissolution of Partnership" and the "Dissolution of Firm." These terms, though related, have distinct meanings and consequences. Here's a tabular representation to highlight the key differences:

  
Aspect Dissolution of Partnership Dissolution of Firm
Definition It refers to the termination of the relationship between all the partners in a firm. It refers to the termination of the legal existence of the firm itself.
Effect The partnership is dissolved, but the firm may continue its business. The firm ceases to exist as a legal entity.
Continuing Business The remaining partners can continue the firm's business by mutual agreement. The firm cannot continue its business after dissolution.
Liability Partners remain liable for acts done before dissolution. The ________ ______ _________ ________ ____ ____ ________ ___.
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