It means discontinuing or winding up of the business under the name of a partnership firm. It basically involves the procedure of finally settling down all the liabilities by selling off assets and also by settling all the existing accounts with the partnership firm.
The dissolution of the partnership deed is required so as to dissolve the partnership legally as per the terms and conditions outlined in the partnership deed in a proper manner. It is very helpful in distribution of the surplus , or any such other payments of the firm due when the it is subject to dissolve. It should be noted that a dissolution of a partnership may not necessarily mean dissolution of the partnership firm . Thus, a proper legal agreement stating clearly on the various aspects including the ones included here can simplify the legal dissolution process at the time of dissolution whatsoever it is.
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