I need help PARAPHRASING this . There have many ways in a partnership of dissolu

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I need help PARAPHRASING this .

There have many ways in a partnership of dissolution, so the first one is dissolution by bankrupt, death or charge. According to any agreement between the partners, all the partners by the death or bankruptcy of any partner can be dissolved as regards. The second point of dissolution of partnership was dissolution by notice (section 26 or 32 (c) ie any partner can just dissolve the partnership by giving notice in the absence of any express or implied contrary agreement. The notice will take effect from the date set out in the notice, but this date cannot be before the date of receipt of the notice. Once the partnership is dissolved, any partner can demand the sale of partnership assets in order to discharge the liabilities of the firm. Moreover, illegality-partnerships formed to carry out an illegal activity or an activity contrary to public policy are automatically dissolved. Then, dissolution by expiration-either at the end of the partnership term or on the completion of a specific undertaking for which the partnership was formed. Last of dissolution by the court-section 35 provides statutory grounds for dissolution by a court including a partner is of unsound mind, a partner becomes permanently incapable of performing his part of the partnership contract, a partner’s behaviour is prejudicially affecting the partnership business, a partner is in breach of the partnership agreement, where the partnership can only be carried on at a loss and where it is just and equitable to dissolve the partnership

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Ans.

The partnerships can be dissolved for many reasons and when it dissolves the partners share equally the profits and losses. The agreement done by parties says if there is death of or bankruptcy by any partner, the partnership will dissolve. Other than this partnership can be dissolved when any partner gives notice in absence of any aggrement to the contrary.Partnership is dissolved as from the date mentioned in the notice.So when it gets dissolved due to any reason any partner can demand for sale of assets to get rid of liabilities of the firm. Those partnerships are also dissolved which are formed to do illegal activity and oppose public policy.At the end of term of partnerships that is when partnership is completed for specific purpose for which it was formed then also there is automatic dissolution of it.On application by partner the court can order dissolution of partnership if partner in any way permanently becomes incapable of performing his part of partnership contract or wilfully commits violation of partnership aggrement and when the business of partnership firm can be carried on at a loss then it is equitable to dissolve partnership.

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