If you run a partnership firm, then must know that partners can dissolve a partnership firm at any time. The process of dissolving a partnership firm includes a process to sale the assets and settle off the liabilities including the final settlement of firm’s accounts. Section 189 of the In...
In a partnership firm, there is no legal status of the business entity and partners are responsible for all the loss incurred. There is no concept of limited liability and the assets of partners may have to be liquidated to cover the losses. Though mostly there are equal partners in a part...