Dissolution of Indian Firms - Various Modes

Abstract

The paper aims to study how and under what circumstances a dissolution can be affected in a partnership firm and what can be the aftereffects of dissolution of firm on the partners of the said firm‘ It can be broadly divided in to two parts. The first part of the study describes the meaning of dissolution of a firm and second part focuses on the various important modes under which partnership firm can be dissolved.

The Indian law of partnership in India is based on the provisions of the English law of partnership. Until the English Partnership Act of 1890 was passed, the law of partnership even in England was largely based on legal decisions and custom. There were very fewacts of parliament relating directly to partnership. The Indian Partnership Act of 1932 (Partnership Act) was the result of a Report of a Special Committee.

Keywords: dissolution, partnership, firm, partners, dissolution, dissolve, cancell, company, law firm, business firm