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- Multiple ChoicePlease save your changes before editing any questions.
Dissolution means stopping the activities of the partnership businesses.
True
False
- Multiple ChoicePlease save your changes before editing any questions.
Realization of Assets and payment of business liabilities happens when business is?
Establishment of Business
Dissolution of Business
- Multiple ChoicePlease save your changes before editing any questions.
Dissolution is also called liquidation of the partnership firm
True
False
- Multiple ChoicePlease save your changes before editing any questions.
According to Partnership Act 1932, a partnership may be dissolved when the partner is of one opinion to dissolve the firm, or it may be dissolved according to the contracts between the partners.
By Agreement
By Notice
By breach of Partnership Deed
Contingent Event
- Multiple ChoicePlease save your changes before editing any questions.
If the partnership is at will the firm may be dissolved by any partner giving a 14 days’ notice in writing to all other partners.
By Agreement
By Notice
By breach of Partnership Deed
Contingent Event
- Multiple ChoicePlease save your changes before editing any questions.
If any partner wilfully commits a breach of partnership DEED then the other partners may dissolve the partnership firm.
By Agreement
By Notice
By breach of Partnership Deed
Contingent Event
- Multiple ChoicePlease save your changes before editing any questions.
Contingent Dissolution means Liquidation of Business based on another event.
True
False
- Multiple ChoicePlease save your changes before editing any questions.
a. In the case of business dealing with an enemy country which is not allowed by the government then the partnership will be dissolved.
By Agreement
By Notice
By breach of Partnership Deed
Contingent Event
- Multiple ChoicePlease save your changes before editing any questions.
Select Contingent Events.
Insolvency of Partner
Death of Partner
Retirement of Partner
All the above
- Multiple ChoicePlease save your changes before editing any questions.
Select Contingent Events.
EXPIRY OF PERIOD
COMPLETION OF WORK
UNLAWFUL BUSINESS
BUSINESS WITH ENEMY COUNTRY
ALL THE ABOVE
- Multiple ChoicePlease save your changes before editing any questions.
If any partner brings a suit in the court (files case in the court), the court may dissolve the firm, which is called:
Dissolution with the order of the court
Dissolution without the order of Court
- Multiple ChoicePlease save your changes before editing any questions.
BREACH OF PARTNERSHIP ACT: If the partner wilfully commits a breach of agreements in the matter of managing the affairs of the firm or his misconducts is such that it is not possible on the part of other partners to carry on the business of the firm with him.
Dissolution with the order of the court
Dissolution without the order of Court
- Multiple ChoicePlease save your changes before editing any questions.
Following are the reasons for dissolution with the order of the Court.
The incapability of Partner or partner becomes of unsound mind
the partner becomes guilty of his misconduct in carrying on a business.
The exploitation of rights of other Partners
partner is not using his powers in a positive manner.
All the above