Highlight the circumstances under which a partnership would be dissolved on the application of a partner

Highlight the circumstances under which a partnership would be dissolved on the application of a partner

ANSWER

  • A partner has become a lunatic or is permanently of unsound mind.
  • A partner is permanently incapable of discharging his obligations as a partner.
  • A partner is continuously guilty of willful breach of the partnership agreement.
  • The partnership business can only be carried on at a loss.
  • Circumstances are such that it is just and equitable that the partnership be dissolved.
  • A partner has behaved in a manner unfairly prejudicial to the firm and his continued association is likely to bring the firms name into disrepute.