Explain dissolution of a firm by (i) Agreement and (ii) Notice

Updated on : 2022-09-05
Verified by Toppr

(i) Dissolution by Agreement:-
It means that the firm is dissolved due to a mutual agreement between the partners. A firm may be dissolved if all the partners agree on it or if there is a clause for the dissolution in the partnership agreement drafted by the partners.
(ii) Dissolution by Notice:-
A partnership at will can be dissolved when a partner gives notice, in writing, to all the other partners about his/her intentions about the dissolution of the firm.

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