In which of the following ways does the dissolution of a firm take place?(A) Dissolution by agreement(B) Compulsory dissolution(C) On the happening of certain contingencies(D) Dissolution by noticeChoose the correct answer from the options given below:
- A(A), (C) and (D) only
- B(A), (B) and (D) only
- C(A), (B), (C) and (D)
- D(B), (C) and (D) only
Solution & Step-by-step Explanation
Under Sections 40 to 43 of the Indian Partnership Act, 1932, a firm can be dissolved through several distinct modes:Section 40: Dissolution by Agreement (A)Section 41: Compulsory Dissolution (B)Section 42: Dissolution on the happening of certain contingencies (C)Section 43: Dissolution by Notice (D)Therefore, all four options are valid legal modes of dissolving a firm.