The Partnership Act, 1932

Section 49 – The Partnership Act, 1932

Payment of Firm’s Debts and of Separate Debts Where there are joint debts due from the firm, and also separate debts due from any partner, the property of the firm shall be applied in the first instance in payment of the debts of the firm, and, if there is any surplus, then the share of […]

Section 48 – The Partnership Act, 1932

Mode of Settlement of Accounts Between Partner In settling the accounts of a firm after dissolution, the following rules shall, subject to agreement by the partners, be observed : (a) Losses, including deficiencies of capital, shall be paid first out of profits, next out of capital, and, lastly, if necessary, by the partners individually in the

Section 47 – The Partnership Act, 1932

Continuing Authority of Partners for Purposes of Winding Up. After the dissolution of a firm the authority of each partner to bind the firm, and the other mutual rights and obligations of the partners, continue notwithstanding the dissolution, so far as may be necessary to wind up the affairs of the firm and to complete

Section 46 – The Partnership Act, 1932

Right of Partners to Have Business Wound Up After Dissolution On the dissolution of a firm every partner or his representative is entitled, as against all the other partners or their representatives, to have the property of the firm applied in payment of the debts and liabilities of the firm, and to have the surplus

Section 45 – The Partnership Act, 1932

Liability For Acts of Partners Done After Dissolution (1) Notwithstanding the dissolution of a firm, the partners continue to be liable as such to third parties for any act done by any of them which would have been an act of the firm, if done before the dissolution, until public notice is given of the dissolution

Section 44 – The Partnership Act, 1932

Dissolution by The Court. At the suit of a partner, the Court may dissolve a firm on any of the following grounds, namely :- (a) that a partner has become of unsound mind, in which case the suit may be brought as well by the next friend of the partner who has become of unsound mind

Section 43 – The Partnership Act, 1932

Dissolution by Notice of Partnership At Will. (1) Where the partnership is at will, the firm may be dissolved by any partner giving notice in writing to all the other partners of his intention to dissolve the firm. (2) The firm is dissolved as from the date mentioned in the notice as the date of dissolution or,

Section 42 – The Partnership Act, 1932

Dissolution On The Happening Of Certain Contingencies Subject to contract between the partners a firm is dissolved (a) if constituted for a fixed term, by the expiry of that term; (b) if constituted to carry out one or more adventures or undertakings, by the completion thereof; (c) by the death of a partner; and (d) by the adjudication of

Section 41 – The Partnership Act, 1932

Compulsory Dissolutiond A firm is dissolved (a) by the adjudication of all the partners or of all the partners but one as insolvent, or (b) by the happening of any event which makes it unlawful for the business of the firm to be carried on or for the partners to carry it on in partnership : Provided

Section 40 – The Partnership Act, 1932

Dissolution by Agreement A firm may be dissolved with the consent of all the partners or in accordance with a contract between the partners. Practice area’s of B K Goyal & Co LLP Income Tax Return Filing | Income Tax Appeal | Income Tax Notice | GST Registration | GST Return Filing | FSSAI Registration