Commerce Exam > Commerce Videos > Dissolution of Partnership (Part - 2)
Dissolution of Partnership (Part - 2) Video Lecture - Commerce
FAQs on Dissolution of Partnership (Part - 2) Video Lecture - Commerce
| 1. What is the process of dissolving a partnership? |  |
Ans. Dissolving a partnership involves various steps. Firstly, the partners need to review the partnership agreement and identify the provisions related to dissolution. Then, they should hold a meeting to discuss the decision and obtain a unanimous vote for dissolution. Next, they must notify all relevant parties, including clients, suppliers, and employees, about the dissolution. Finally, the partners should settle all outstanding debts and liabilities, distribute the remaining assets, and officially terminate the partnership.
| 2. Can a partnership be dissolved without the consent of all partners? | |
Ans. In most cases, a partnership cannot be dissolved without the consent of all partners. Partnerships are typically based on a mutual agreement between the partners, and unanimous consent is usually required for significant decisions like dissolution. However, if the partnership agreement includes provisions for dissolution with a specified majority vote, the partnership can be dissolved even without the consent of all partners.
| 3. What happens to the partnership's debts and liabilities after dissolution? | |
Ans. After the dissolution of a partnership, the partners are responsible for settling the partnership's debts and liabilities. They can use the partnership's assets to pay off the outstanding obligations. If the assets are insufficient, the partners may need to contribute additional funds to cover the remaining debts. It is essential to ensure that all debts and liabilities are properly addressed before distributing the remaining assets among the partners.
| 4. Can a partner be held personally liable for the partnership's debts after dissolution? | |
Ans. Generally, partners are not personally liable for the partnership's debts after dissolution. Once a partnership is dissolved, the partners' liability is limited to their share of the remaining partnership assets. However, if a partner has provided personal guarantees for specific debts or has engaged in fraudulent activities that led to the dissolution, they may be held personally liable for those specific obligations.
| 5. Are there any legal requirements for dissolving a partnership? | |
Ans. The legal requirements for dissolving a partnership may vary depending on the jurisdiction and the terms outlined in the partnership agreement. However, some common legal steps include notifying relevant parties about the dissolution, settling debts and liabilities, filing dissolution documents with the appropriate government authorities, and fulfilling any tax obligations. It is important to consult with a legal professional to ensure compliance with all necessary legal requirements during the dissolution process.
Related Exams
About this Video
|
4.91/5 Rating |
|
Dec 23, 2024 Last updated |
Dissolution of Partnership (Part - 2) for Commerce2024 is part of Commerce preparation. The notes and questions for Dissolution of Partnership (Part - 2)
have been prepared according to the Commerce exam syllabus. Information about Dissolution of Partnership (Part - 2) covers all important topics
for Commerce2024 Exam. Find important definitions, questions, notes, meanings, examples, exercises
and tests below for Dissolution of Partnership (Part - 2).
Description
Video Lecture & Questions for Dissolution of Partnership (Part - 2) Video Lecture - Commerce - Commerce full syllabus preparation | Free video for Commerce exam.
Information about Dissolution of Partnership (Part - 2)
Here you can find the Dissolution of Partnership (Part - 2) defined & explained in the simplest way possible. Besides explaining types of Dissolution of Partnership (Part - 2)
theory, EduRev gives you an ample number of questions to practice Dissolution of Partnership (Part - 2) tests, examples and also practice Commerce tests.
|
Explore Courses for Commerce exam
|
|
Signup for Free!
Signup to see your scores go up within 7 days! Learn & Practice with 1000+ FREE Notes, Videos & Tests.
Related Searches
Objective type Questions
,Previous Year Questions with Solutions
,study material
,Semester Notes
,MCQs
,Dissolution of Partnership (Part - 2) Video Lecture - Commerce
,Extra Questions
,Dissolution of Partnership (Part - 2) Video Lecture - Commerce
,Free
,Exam
,mock tests for examination
,shortcuts and tricks
,ppt
,Summary
,video lectures
,practice quizzes
,past year papers
,Sample Paper
,Viva Questions
,Important questions
,Dissolution of Partnership (Part - 2) Video Lecture - Commerce
;
Study Dissolution of Partnership (Part - 2) on the App
Students of Commerce can study Dissolution of Partnership (Part - 2) alongwith tests & analysis from the EduRev app,
which will help them while preparing for their exam. Apart from the Dissolution of Partnership (Part - 2),
students can also utilize the EduRev App for other study materials such as previous year question papers, syllabus, important questions, etc.
The EduRev App will make your learning easier as you can access it from anywhere you want.
The content of Dissolution of Partnership (Part - 2) is prepared as per the latest Commerce syllabus.
|
© EduRev
|
Education Revolution
|
|
Signup to see your scores
go up
within 7 days!
within 7 days!
Takes less than 10 seconds to signup