A firm or organisation gets dissolved by court, agreement, law operation, notice or if any contingency happens. A court dissolves a firm due to many reasons like if any of the partner becomes insane or unmanned, any of the partners become unfair to each other and can no more be beneficial for the firm, if any of the partners lost interest in the firm and transferred the interests to a third party. A firm also gets dissolved if all partners decide in mutual that it should be dissolved. A firm gets dissolved by the operation of law if the law finds that the running of firm is unlawful in any way.
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What is meant by dissolution of a firm?
