A compulsory dissolution of the firm takes place under the following circumstances: 1. Where the business becomes illegal I. Where all the partners or all except one partner dies II. Where only one partner, become insolvent or insane rendering him incompetent to sign a contract. 1, II, III II, II I, I I, II

FINANCIAL ACCOUNTING
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Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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A compulsory dissolution of the firm takes place under the following circumstances:
1.
Where the business becomes illegal
I.
Where all the partners or all except one partner dies
II.
Where only one partner, become insolvent or insane rendering him incompetent to sign a contract.
1, II, II
II, II
I, II
I, III
Transcribed Image Text:A compulsory dissolution of the firm takes place under the following circumstances: 1. Where the business becomes illegal I. Where all the partners or all except one partner dies II. Where only one partner, become insolvent or insane rendering him incompetent to sign a contract. 1, II, II II, II I, II I, III
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