What is Dissolution of Partnership by Court Order?

Dissolving Partnerships by Court

Introduction We always think that the partnership is dissolved by the partners by way of their mutual understanding. But it does not always happen. The same scenarios do not effectively work in every partnership firm. If a partnership is made between the partners for a fixed period, and one of …

Read More »

What is Meant by Reconstitution of Partnership Firm

what is meant by reconstitution of partnership firm

Reconstitution of Partnership Firm Reconstitution of a partnership refers to a typical change or restructuring of an existing partnership firm enterprise. That may change depending on some event, such as when a new partner enters the firm business, when an existing partner retires from the firm, or the death of …

Read More »

What is a Nominal Partner in Partnership?

What is a Nominal Partner in Partnership

Definition of Nominal Partner The Nominal Partner is an individual who is not a part-owner and not actively involved in the firm’s operations. They are often well-known figures who lend their name to the company for a fee. Who is the Nominal Partner in the Partnership? A nominal partner lends …

Read More »

What is the Pros and Cons of a Partnership?

What is the Pros and Cons of a Partnership

Introduction  When we look up the pros and cons of a partnership, we should also know that it is an easy way to form a new business and run any existing business. A partnership is one type of document between two or more than one person. Here, persons who want …

Read More »