Dissolve-Partnership


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|| Dissolve Partnership ||

Dissolve a Partnership Firm

Dissolving a partnership firm means discontinuing the business under the name of said partnership firm. In this case, all liabilities are finally settled by selling off assets or transferring them to a particular partner, settling all accounts existed with the partnership firm.

Any profit/ loss is transferred to partners in their profit-sharing ratio as agreed by them in the partnership deed.

Dissolving a partnership firm is different from dissolving a partnership. In the former case, the firm ends its name and hence cannot do business in the future.

But in case of dissolving a partnership, the existing partnership is dissolved by consent or happening of a certain event, but the firm can retain its existence if remaining partners enter into a new partnership agreement.

There are different ways in which a partnership firm may get dissolved-

When partners are mutually agreed
Compulsory dissolution
Dissolution depending on certain contingent events
Dissolution by notice
Dissolution by notice
Transfer of interest or equity to the third party
Partners still liable to third parties
How are accounts settled
Premium to be returned on premature dissolution

Conclusion:

In Indian Partnership Act, 1932 provisions by which a partnership firm can be dissolved inside the court or outside the court are given. The Basis on which dissolution of firm takes place is clearly stated in the Partnership Act. To Gather more information, you can access The Partnership Act of India. Although the liabilities of the partners cease to exist once the firm is dissolved, the partners are liable for any act/occurrence prior to the dissolution of the firm. Only partners who are incapacitated, insolvent and dead are exempt from the liability.

For better assistance over all factors of Dissolution of Partnership Firm contact us on info@thecompanywala.com

Disclaimer:- The materials provided herein are solely for information purposes and shall not be treated as solicitation in any manner and for any other purpose whatsoever. It shall not be used as legal opinion and not to be used for rendering any professional advice. The material s written on the basis of the provision applicable as on date of writing of this article.