Q: What is compulsory dissolution of partnership firm ?

Ans: Compulsory Dissolution of Partnership means that the Partnership will be compulsorily dissolved in two cases: 

1. On being Insolvent 
2. Unlawful dissolution 

Comments

Post a Comment

Popular posts from this blog

Q: What are the types of partner in partnership firm ?

Ans: The member of a partnership is called partners and it is not mandatory that all the partners are the same or all the partners participate in the conduct of the business or share the profit or losses equally. The partners are classified depending on the nature of work, the extent of liability, etc. There are basically six types of partner: 1. Active/managing partner: The partner who takes participation in the conduct of the business daily is known as active partner. This active  partner is also called an ostensible partner. 2. Sleeping/Dormant: The Sleeping or dormant partner does not participate in the conduct of the business but he is bound by the conduct of all the partners. 3. Nominal partner: The nominal partner  is a partner to the firm only by his name. In reality, the nominal partner has no significant or real interest in the firm. 4. Partner in profit only: The partner who agrees to share the profit but does not suffer losses. Such partner will not be liable for a...
Read more

Q: Elaborate section 30(3) of the Partnership Act, 1932 ?

Ans: The problem presented is based on section 30(3) of the Partnership Act. According to section 30(3)- "The share of a minor is liable for the acts of the firm, but the minor is not personally liable for any such act." Since in the present problem 'Zuber' is a minor and is entitled to receive profits in the partnership firm. The creditors will be successful in recovering their debts only from 'A' and 'B' and only to the extent of the profits going to 'Zuber'. 'Zuber' cannot be held personally liable for the loss caused to the firm.
Read more

Q: Elaborate Section 27 of partnership act, 1932 ?

Ans: Section 27 of partnership act,  1932 mentions about liability of firm for misapplication by partners where (a) a partner acting within his apparent authority attains money or property from a third party as well as misapplies it, the firm will be liable for the loss of the partner.  (b) If a firm in the course of its business attains money or property from a third party, and the money or property is misapplied by any of the partners while it is in the custody of the firm, the firm will also be liable for such loss. 
Read more