Question

Answer the question.
What is the difference between dissolution of partnership and dissolution of partnership firm?

Answer 1

Dissolution of partnership refers to change in the relationship of partners. For example, admission, retirement, death, etc. In these cases, there is a change in partnership but the firm continues to exist. Dissolution of partnership firm refers to discontinuance of the firms business. When the firm decides to cease its business it is called dissolution of firm. With dissolution of partnership firm, partnership also dissolves.