The various circumstances leading to dissolution of partnership
firm can be summarised by taking the first letters used in the term
“Dissolution”.
D - Death of partner
I - Incapacity of a partner
S - Stipulated period of partnership completed in thecase of particular partnership
S - Serious misconduct of a partner
O - Object is completed (Particular partnership)
L - Lunacy of a partner
U - Unavoidable continuous loss
T - Transfer of interest of the firm
I - Insolvency of a partner
O - Objectionable unlawful objectives
N - Notice of dissolution by a partner.
Thanks for sharing. I would like to share my thoughts on partnership deed. Partnership deed is an agreement between a firm's partners which outlines the partnership terms and conditions.
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