A dissolution is any change in the ownership of an organization that changes the legal existence of the organization.
Dissolution of partnership firm is a process in which relationship between different partners of firm is dissolved or terminated.
If a relationship between all the partners of firm is dissolved at that time it is known as dissolution of firm. In case of dissolution of partnership firm, the firm may or may not ceases to exist
Process of dissolution includes the discarding and disposing of all the assets of firm or and settlements of all accounts, assets, and liabilities of the firm.
At the time of the dissolution of partnership firm the existing relationship between the partner’s changes. But, the firm continues its activities.
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