Multiple choice

Death of a partner ordinarily leads to

  1. dissolution of the partnership

  2. revision of the partnership

  3. reconsidering of the partnership

  4. induction of a new partner to carry on the partnership

Reveal answer Fill a bubble to check yourself
A Correct answer
Explanation

Under Partnership Act, death of a partner ordinarily dissolves the partnership unless there is a contrary agreement. The firm ceases to exist as the original contractual relationship between the partners ends. Remaining partners may form a new firm if they wish.