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Dissolve a Partnership Firm?

Dissolving a partnership firm means discontinuing the enterprise underneath the name of the mentioned partnership firm. In this case, all liabilities are lastly settled by promoting off belongings or transferring them to a specific associate, settling all accounts that existed with the partnership firm.

Any revenue/ loss is transferred to companions of their revenue sharing ratio as agreed by them within the partnership deed.

Dissolving a partnership firm is totally different from dissolving a partnership. Within the former case, the firm ends its name and therefore can't do enterprise sooner or later. However in the case of dissolving a partnership, the present partnership is dissolved by consent or on occurring of a certain occasion, however, the firm can retain its existence if the remaining partners enter into a brand new partnership agreement.


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Partnership Business

Section 4 of the Indian Partnership Act of 1932 defines partnership as “the relation between person who has agreed to share profits of a business carried on by all or any of them acting for all.”
In simple words, a partnership firm is an organization that is formed with two or more persons to run a business with a view to earning a profit. Each member of such a group is known as a partner and collectively known as a partnership firm.


The partnership business comes into existence by a Partnership Deed. The deed may be Registered or unregistered. It is enough that a Partnership deed is drawn up and signed by all the partners in front of the witnesses. This partnership deed speaks about all the terms and conditions accepted by all the partners.

Types of partners

Active Partners:
An active partner is the one who contributes capital and also takes an active part in the management of the firm. This Active partner plays different roles such as manager, adviser, and controller of total affairs of the firm, This means the active partners acts as an agent of all the other partners on a day to day basis and with regards to all ordinary business of the Partnership Firm

Sleeping or dormant Partners:
A sleeping partner is a partner who does not take active participation in the management of the business. These sleeping partners only invest money towards the share capital of the partnership firm. These partners are bound by the activities of other partners, and also shares the profits and losses of the business.

Working Partner

Nominal Partner
A nominal partner is one who does not have any real interest in the business but lends his name to the partnership firm, without investing any money into the business, and he is not eligible for the profit of the firm. This Nominal Partner is also known as partner to the third parties. The value of his name adds strength to the business and it may fetch tremendous credits to the business and it may promote its sales.

Partner by estoppel
A partner by estoppel is a partner who gives an impression to the public that he is a partner of the firm. He is technically called a partner and can be held liable as a general partner for any debts and damages against any third party. In short, such partners cannot deny being a partner if he represents himself as a partner of the firm.

Partners in Profit only
As per the Partnership deed, if a partner is declared as a Partner only in profit he will only share the profits of the firm, and he will not be liable for any liabilities. Even when dealing with third parties he will be liable for all acts of profit only, he will share none of the liabilities.

Minor Partner
A partnership is created by a Partnership Deed. If a partner is incapable of entering into a contract, then he cannot become a partner. As per the Indian Contract Act, a minor cannot enter into a contract. But under section 30 of the Indian Partnership Act, 1932, a minor can be admitted to the benefits of partnership, with the consent of all partners. A minor partner is entitled to his share of profits and not liable for his actions.