A partnership can be resolved due to the death of the partner, due to the admission of a new partner, due to the bankruptcy of a partner, due to the retirement of a partner, and due to the expiry of the partnership period in case It was for a particular time. Now there is a difference between the dissolution of partnership and dissolution of partnership firm, dissolution of partnership firm means it is the end of partnership along with the end of form but the dissolution of partnership means that it is the only end of the partnership business and not the form. So when the firm is dissolved it terminates all the contractual relationships between the partners and all the operations are suspended by the company. The liabilities and the assets are disposed of.

There are different modes through which resolution can take place that is, by operation of law, by the act of partners, by the decree of the court, and true statement of dissolution.

When a partner of the partnership firm agrees to dissolve the partnership it is said to be done by an act of partners, there are Agreement made for a particular time after which a partner can dissolve their partnership, and under some specific conditions, partners can dissolve it before the end of time.

Any unlawful activity by a partner can lead to dissolution. This dissolution is by operation of law. Even a valid partnership can call illegal work that’s why any unlawful activity by the partnership can be dissolved through the operation of law.

A court can dissolve a partnership under some circumstances such as when the partner is capable to work, is mentally unstable, misbehaves, and creates a bad impact on the partnership, or there's a breach of the agreement by a partner.

Section 45 of the Indian partnership act, 1932 provides for liability for acts of partners done after dissolution. Until the public notice of dissolution is given the partner will be liable to the 3rd party, provided he is not a retired partner, sleeping partner, is insolvent or dead. The partner will have to pay his debts and has to complete all the affairs regarding the partnership after the dissolution of the partnership takes place. The partners will also be liable to share the profits which they have agreed upon.

Section 46 of the Indian partnership 1932 provides for the rights of the partner after the dissolution of the partnership. The partners will have the right to an equitable lien, right to return of premium, rights when the partnership contract has been revoked for fraud or Miss representation, right to restrain the use of the firm's name or property karma, and the right to earn personal profit by using the forms name.

This Article Does Not Intend To Hurt The Sentiments Of Any Individual Community, Sect, Or Religion Etcetera. This Article Is Based Purely On The Authors Personal Views And Opinions In The Exercise Of The Fundamental Right Guaranteed Under Article 19(1)(A) And Other Related Laws Being Force In India, For The Time Being.