Author: Sachin Sreenivas, BMS College of Law, Bangalore E-mail: - [email protected] Introduction: Dissolution of a partnership firm entails closure of the business of the partnership, settlement of books and accounts of the partnership and distribution of the surplus property (i.e. remaining property of the partnership after settlement of debts and liabilities of the firm) among partners as per their respective shares in the partnership firm. The dissolution of the partnership between all the partners of a firm is called the ‘dissolution of the firm‘. After this, A partnership firm cannot do any kind of business activity with anybody. It can only dispose of the assets of the firm to realize the amount, pay the liabilities of the firm, and discharge the claims of the partners. Partnership Property: According to Section 14 of The Indian Partnership Act, 1932, Subject to contract between the partners, the property of the firm includes all property and rights and interest i