wiz-icon
MyQuestionIcon
MyQuestionIcon
3
You visited us 3 times! Enjoying our articles? Unlock Full Access!
Question

Subject to contract between the partners, a firm is dissolved by the _______ of a partner.

A
Existence
No worries! We‘ve got your back. Try BYJU‘S free classes today!
B
Death
Right on! Give the BNAT exam to get a 100% scholarship for BYJUS courses
C
Retirement
No worries! We‘ve got your back. Try BYJU‘S free classes today!
D
Insanity
No worries! We‘ve got your back. Try BYJU‘S free classes today!
Open in App
Solution

The correct option is B Death
Dissolution of partnership firm may take place without the intervention of court or by the order of a court, in any of the specified ways. It may be noted that dissolution of the firm necessarily brings in dissolution of the partnership.
On the happening of certain contingencies is one way which results in dissolution of firm. Subject to contract between the partners, a firm is dissolved:
(a) if constituted for a fixed term, by the expiry of that term;
(b) if constituted to carry out one or more ventures, by the completion thereof;
(c) by the death of a partner;
(d) by the adjudication of a partner as an insolvent.

flag
Suggest Corrections
thumbs-up
0
Join BYJU'S Learning Program
similar_icon
Related Videos
thumbnail
lock
Dissolution of Partnership Vs Firm
ACCOUNTANCY
Watch in App
Join BYJU'S Learning Program
CrossIcon