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Dissolution of a Firm
What is the meaning of 'dissolution of a firm' under the Indian Partnership Act, 1932?
Dissolution of a firm means the discontinuation of the partnership relationship among all the partners of the firm, effectively ending the firm's existence as a going concern.
What happens to the liability of partners for acts done before dissolution of a firm?
Partners remain liable for all acts done before dissolution.
What is the difference between dissolution of a firm and dissolution of partnership?
Dissolution of partnership means a change in the relationship of partners (e.g., retirement or death of one partner) while the firm continues, whereas dissolution of a firm means the complete winding up of the firm's business and the termination of all partnership relations.
Which section of the Indian Partnership Act deals with the sale of goodwill after dissolution?
Section 55 deals with sale of goodwill after dissolution.
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