Q2 E of 18 Page 265

Answer the following questions in one or two sentences each:

How is the dissolution of partnership firm easy ?


Partnership firms may or may not be registered. Dissolution of such firms is an easy process as a partner who does not wish to continue just needs to notify the others involved fourteen days before. It can also be dissolved through consent of all partners.


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2 C

Answer the following questions in one or two sentences each:

What are partnership firms?


 2 D

Answer the following questions in one or two sentences each:

Who are sleeping or dormant partners?


 3 A

Answer the following questions:

Mention any four merits of sole trading concerns.


 3 B

Answer the following questions:

Mention any four limitations of sole trading concerns.