What is the different between dissolution of partnership and dissolution of firm?

Difference between dissolution of Partnership and dissolution of firm : The dissolution of partnership between all the partners of a firm is called the dissolution of the firm. In a dissolution of the firm, all partners go out. When the business of the firm is closed down and its affairs are wound up, it is called dissolution of the firm.

When one or more partners cease to be partners of the firm but others continue the business in partnership, it is known as dissolution of partnership. In this case, the firm is reconstituted without any dissolution of the firm. Dissolution of the firm leads to dissolution of partnership but dissolution of the partnership may or may not lead to dissolution of the firm.

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