Question

Objective type Questions.
Answer in one Sentence only.

What is dissolution of partnership firm?

Answer 1

Dissolution means termination of the existing relationship between the partners of a firm. It means that the business will come to an end and the firm will wind up its business. Accordingly, all the assets will be realised and liabilities will be paid off. It can be dissolved either voluntarily by the partners or compulsorily by the order of the court.