1) Dissolution of a Partnership Firm. 2) Forms of Partnership Under Islamic Law.
Topics:
1) Dissolution of a Partnership Firm.
2) Forms of partnership under Islamic Law.
Submitted To: Sir. Usman Arshad
Submitted By: Muhammad Hashaam Khalid BBA-12-043
Date:
26 November,2012 Sub-campus (Bhakkar)
Dissolution of a partnership Firm: Dissolution of a partnership firm means the ending of contractual relationship b/w all the partners. It means the closing of partnership business. According to partnership act:
“ if there is dissolution of partnership among all the partners of a firm, it is a case of dissolution of a firm. Here all the members cease to carry on the business, the assets & liabilities are divide as per agreement”.
The difference b/w dissolution of partnership firm and dissolution of a partnership is given below:
Dissolution of a Firm: Dissolution of partnership firm is the closing of partnership business. Here all the partners cease to carry on the business. The relationship b/w the partners is broken. Which causes the closure of business. After payment of all liabilities,the capital is returnd to partners.
Dissolution of partnership: Dissolution of partnership is the end of partnership only not the end of business. If one partner of a firm is dies,retires or unable to pay the debts, the remaining partners may agree to continue the firm under the same name. the remaining partners may purchase the share of outgoing. We can say that
“dissolution of partnership may or may not include the dissolution of firm. But the dissolution of firm include the dissolution of partnership”.
Modes of dissolution of a firm: The conditions under which the dissolution of a firm may take are as follows:--
1) Dissolution by Agreement.
2) Dissolution by Notice.
3) Compulsory dissolution.
4) Conditional dissolution.
5) Dissolution by the court.
1) Dissolution by Agreement: Partnership is created by agreement. Similarly,it can be dissolved by an agreement at any time. A firm
1) Dissolution of a Partnership Firm.
2) Forms of partnership under Islamic Law.
Submitted To: Sir. Usman Arshad
Submitted By: Muhammad Hashaam Khalid BBA-12-043
Date:
26 November,2012 Sub-campus (Bhakkar)
Dissolution of a partnership Firm: Dissolution of a partnership firm means the ending of contractual relationship b/w all the partners. It means the closing of partnership business. According to partnership act:
“ if there is dissolution of partnership among all the partners of a firm, it is a case of dissolution of a firm. Here all the members cease to carry on the business, the assets & liabilities are divide as per agreement”.
The difference b/w dissolution of partnership firm and dissolution of a partnership is given below:
Dissolution of a Firm: Dissolution of partnership firm is the closing of partnership business. Here all the partners cease to carry on the business. The relationship b/w the partners is broken. Which causes the closure of business. After payment of all liabilities,the capital is returnd to partners.
Dissolution of partnership: Dissolution of partnership is the end of partnership only not the end of business. If one partner of a firm is dies,retires or unable to pay the debts, the remaining partners may agree to continue the firm under the same name. the remaining partners may purchase the share of outgoing. We can say that
“dissolution of partnership may or may not include the dissolution of firm. But the dissolution of firm include the dissolution of partnership”.
Modes of dissolution of a firm: The conditions under which the dissolution of a firm may take are as follows:--
1) Dissolution by Agreement.
2) Dissolution by Notice.
3) Compulsory dissolution.
4) Conditional dissolution.
5) Dissolution by the court.
1) Dissolution by Agreement: Partnership is created by agreement. Similarly,it can be dissolved by an agreement at any time. A firm