Answer :
Dissolution of partnership refers to the procedure by which the partnership is ended and all of the partners' assets, shares, accounts, and liabilities are sold or settled.
Unless otherwise arranged, partnerships end at the death or insolvency of any partner. Partnerships should therefore have a written partnership agreement that contains clauses allowing the partnership to continue. In contrast to the dissolution of a firm, which also involves the dissolution of the relationship between partners, the dissolution of a partnership simply changes the nature of the business relationship between partners.
All of the assets and liabilities in this case have been resolved and properly disposed of.
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