Indian Partnership Act

THE INDIAN PARTNERSHIP ACT, 1932 An Act to define and amend the law relating to Partnership. Whereas it is expedient to define and amend the law relating to partnership; It is hereby enacted as follows- CHAPTER I OF INDIAN PARTNERSHIP ACT, 1932 PRELIMINARY 1. Short title, extent and commencement. (1)KEEP READING

Dissolution of a Partnership Firm Partnership Act 1932 Notes

Chapter VI of Partnership Act, 1932

Section 39 – Dissolution of a Firm.
The dissolution of partnership relation between all partners is dissolution of the firm. It is the ending of partnership relation among partners.

Section 40 – Dissolution by Agreement.
Partners can at any time with everyone’s consent may make an agreement in order to dissolve the firm. This applies to all cases whether the firm is for a fixed period or at will.KEEP READING