dissolution of partnership deepak kumar
TRANSCRIPT
Dissolution of Partnership firm
Presented by Deepak Kumar Roll-37
Dissolution of firm
Dissolution of firm:- It means complete breakdown of the relationship of partnership between all the partners of a firm.
Dissolution of partnership:- Dissolution of partnership mean change the relation of partner.
Dissolution without the order of court
1. Dissolution by agreement:- (sec. 40)
(a) with the consent of all the partner (b) in accordance with a contract between them.
2. Compulsory Dissolution :-(sec.41) By the happening of any events which
makes it unlawful for the business.
3.Dissolution on the happening of certain contingencies:- (sec. 42)
The expiry of the term for which the firm was constituted.
The death of a partner
4. Dissolution on notice of partnership-at-will (sec.43) :-
Where the partnership at will the firm may be dissolve by any partner giving notice in writing to all the other partner
Dissolution by court
1. Insanity:- Where the partner has become of unsound mind, the court may dissolve the Firm. [sec.44(a)]
2. Permanent incapacity:- When a partner has become in any way permanently incapable of performing his duty as a partner the court may dissolve the firm. [sec.44(b)]
3. Misconduct [sec.44(c)]
When a partner is guilty of misconduct and it affect the business, the court may dissolve the firm.
4.Persistent breach of agreement:-[sec.44(d)] When a partner come in wilful in matter
relating to business of the firm,
5.Transfer of interest:-[sec.44(e) When a partner has in any way transfer the
whole of it interest in the firm to the third party.
6.Business working as a loss:-[sec.44(e)]
When the business is running only as a loss.
7.Any other ground:-[sec.44(f)]
The court may dissolve a firm on any other ground like continuous quarrelling, always say lie with his partner.
CASE 1
X is the resident in India and Y is resident of Pakistan, are partner. The firm is carrying on the importing and exporting commodity 1 and commodity 2
Case1-If the war breaks out between India and Pakistan.Case2-If the law is passed by which import and export of commodity 1 are prohibited.
[sec.41]
Case 2
A and B are the partner of firm and after some time A become unsound mind then B don’t want to partnership with the A then B complain in court for dissolute the firm.
[sec.44(a)]