At the time of admission partnership firm is dissolved if business is
All the accounts are settled among partners and creditors at the time of
of a business.
First of all
of the firms will be settled out of sources of the business.
Admission of a partner is termination of
and not a dissolution of
Court may also dissolve a firm, if a partner
a suit, that one of the partners is of mind
Partners are liable ro settle the account of accounts payable even from their
sources, if they are solvent.
of partner will be paid off, before the settlement of partner's capital.
On dissolution partner's capital balance will be paid to them
Retirement/death of a partner will not be dissolution if remaining partners are
to continue it.
If all partners mutually decide for the dissolution, it will be dissolution of the