Modes of dissolution of a firm (Sections 39-44) in business law.
Understand the Problem
The question is asking about the different modes of dissolution of a firm as outlined in Sections 39-44 of business law. This likely refers to the legal provisions governing how a firm can be dissolved, including voluntary and involuntary dissolution processes.
Answer
Modes of dissolution include by agreement, mandatory, contingencies, notice, court intervention, incapability or misconduct.
The modes of dissolution of a firm under Sections 39-44 of the Partnership Act include dissolution by agreement, mandatory dissolution, dissolution due to contingencies, dissolution by notice, dissolution by court intervention, and by the incapability or misconduct of a partner.
Answer for screen readers
The modes of dissolution of a firm under Sections 39-44 of the Partnership Act include dissolution by agreement, mandatory dissolution, dissolution due to contingencies, dissolution by notice, dissolution by court intervention, and by the incapability or misconduct of a partner.
More Information
Section 39 to 44 of the Partnership Act lays out the framework under which a partnership firm in India can be dissolved either voluntarily or through judicial intervention.
Tips
Common mistakes include confusing the dissolution of a firm with the dissolution of a partnership. The former is more comprehensive, involving the wind-up of all affairs.
Sources
- Dissolution Of Partnership Firm (Section 39-44 Of The Partnership... - lawyersclubindia.com
- Dissolution of Firm and Dissolution of Partnership - Differences - toppr.com
- Dissolution of a Firm and its Modes : Indian Partnership Act - ipandlegalfilings.com
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