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Dissolution of Partnership (Part - 1) Video Lecture - Commerce
FAQs on Dissolution of Partnership (Part - 1) Video Lecture - Commerce
| 1. What is the meaning of dissolution of partnership? |  |
Ans. Dissolution of partnership refers to the legal process of ending a partnership business. It involves the termination of the rights, responsibilities, and obligations of the partners towards each other and towards the partnership.
| 2. What are the common reasons for the dissolution of a partnership? | |
Ans. There can be several reasons for the dissolution of a partnership, including disagreement among partners, retirement or death of a partner, expiration of the partnership term, bankruptcy or insolvency of the partnership, and irreconcilable differences between partners.
| 3. How is the dissolution of partnership different from the termination of a partnership? | |
Ans. The dissolution of partnership refers to the legal process of ending a partnership, while the termination of a partnership refers to the actual end of the partnership business. Dissolution is the first step towards termination, which involves settling the partnership's affairs, distributing assets, and fulfilling obligations before officially closing the business.
| 4. What happens to the partnership assets and liabilities during the dissolution process? | |
Ans. During the dissolution process, the partnership assets are liquidated and converted into cash. The cash proceeds are then used to settle any outstanding debts and liabilities of the partnership. If there are any remaining assets after paying off the liabilities, they are distributed among the partners based on their respective ownership interests.
| 5. Are partners personally liable for the partnership's debts after dissolution? | |
Ans. In general, partners are not personally liable for the partnership's debts that arise after the dissolution, as their liability is limited to their capital contributions and any personal guarantees they may have given. However, partners may still be held personally liable for any debts or obligations if they have engaged in fraudulent or wrongful conduct during the dissolution process.
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Nov 16, 2024 Last updated |
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