Dissolution of partnership firm in Nepal
There are various Point/Reason and time for dissolution of a partnership Business.
- Dissolution by Agreement: Dissolution as per the agreement between partners.
- Dissolution by written notice: Partners can dissolve the partnership business by giving the written notice.
- Dissolution at any time: If something unexpected or beyond the agreement comes up and partners or concern department thinks betterment to close the business rather than continuing it.
- Dissolution after the expiry of time: If the partnership was formed for a certain time duration.
- Dissolution at once: On the death or insolvency of partners.
- Dissolution by Concern Department: If the concerned department found any such things (illegal or inappropriate activity by firm)
Some other point to be specified:
- Existing partners can dissolve the firm by another agreement
- Dissolution by notice, any partner can dissolve the firm by giving notice to all the partners
- If any partner is unable to take responsibility of partnership deed.
- If partner do not pay the amount payable to the firm
- If shares are transferred without consent of other partners
- If right of partners is taken over by the court of compensation
- Liable for negligence
- Death of partner
- Dissolved by concerned department
- Commits illegal work or violate the rules of the firm
- If not renewed in given time.
