The Partnership is a venture between two or more partners. In case there are only two partners, upon the death of one of the partners, Partnership Firm gets dissolved. Similarly, upon resignation, lunacy, insolvency of one of the partners, partnership firm has the same consequences. There could be several other reasons.
As compared to an LLP, it is easy to dissolve or close a partnership firm. A partnership firm can be dissolved by executing a dissolution deed.
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