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Partnership vs Partnership Firm

The process of ending a partnership firm differs from that of ending a partnership. In the first scenario, the company loses its name and is unable to continue operating. However, in the case of dissolving a partnership, the firm may continue to exist if the remaining partners sign a new partnership agreement. The existing partnership may be dissolved by agreement or upon the occurrence of a specific event.

5 Reasons to dissolve a Partnership:

Mutual agreement by partners
Compulsory dissolution
Contingent events like expiry of a fixed-term, completion of a task or death of a partner
Court orders
Transfer of interest/equity to a third party without consulting other partners

Winding up made easy!

Here’s everything you need to know:

  • Losses are settled by either paying them out of profits, partners’ capital or are divided among partners on a profit sharing basis.
  • Third party debts are to be paid off first
  • Assets are to be sold off and the capital obtained will be used to pay off the liabilities

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