Rights of partner in disolution

Rights of a partner on dissolution:

On the desolution of a partnership firm a partnerhas the following rights namely-

1.right to business wound up:

On the dissolution of a firm every partner or his representatives is entiteled to have the property of the firm applied in payment of outside debats and liabilities of the firm.

2.right to have debats of the firm settled out of the property of the firm:

where a firm is dissolved the debats of the firm are settled out of the property of the firm and if ther is anysurplus it is utilized towords payment of the private debats of the partners.

3.right to personel profits earned after dissolution:

Where any partner has bought the goodwill of the firm on its dissoloution he has the right to use the firm name and earn profit by its use.

4.right to return of premiuem on premature dissolution:

Where a partner has paid a premiuem on entering into partnership for a fixed term and the firm is dissolved before the expiration of the term he is entitledto repaymentof the whole or part of the premiuem regard had to-