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Dissolution of Partnership vs Firm

If all but on...

Question

If all but one partner are insolvent it is a dissolution of .

A

the business

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B

an agreement

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C

a firm

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D

a partnership

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Solution

The correct option is C a firm
If all but one partner, are insolvent it is a dissolution of a firm.
In case of dissolution of a firm, the firm is wound up. It involves the dissolution of partnership between all partners.

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