F.W.Taylor

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Frederick Winslow Taylor also known as F.W.Taylor. frederick Winslow Taylor was an american mechanical engineer. f.w.taylor was born on march 20,1856 .He was the one of the first financial consultants.he is alsoKnown for"Father"of the Scientific management & Efficiency Movement, Father of Industrial Engineering.Taylor was the son of a lawyer. He entered Phillips Exeter Academy in New Hampshire in 1872. In 1911, Taylor summed up his efficiency techniques in his book ' The Principles of Scientific Management'. Taylor was also an athlete who competed nationally in tennis. His occupation was Efficiency expert Management consultant. He got the Awards of Elliott Cresson Medal (1902).
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PARTNERSHIP DISSOLUTION AND MODES OF DISSOLUTION OF THE FIRM

PARTNERSHIP DISSOLUTION

the term dissolution means 'discontinuation'.in a partnership organisation, there can be two types of dissolution. they are (1) dissolution of partnership (2) dissolution of firm. dissolution of partnership refers to the termination of the original partnership agreement among the partners.when there is an admission or retirement or death of the partner,  leads to dissolution of existing partnershipand in its place a new partnership comes into existence.


According to section 39 of the indian partnership act lays down that:"dissolution of patnership between all the partners of a firm is called the dissolution of the firm".

MODES OF DISSOLUTION OF THE FIRM

Dissolution by agreement(sec.40)- A firm may be dissolved with the consent of all the partners or in accordance with a contract between the partners.A firm is the result of an agreement,hence,it can be dissolved by an agreement
    compulsory dissolution(sec.41)- A firm is dissolved compulsorily by operation of law in the following ways :
    • where all the partners or all except one become insolvent or insane.
    • where the business becomes illegal.
    • where all the partners except one decide to retire from the firm.  
    • where all the partners or all except one partner die
    Dissolution on the happening of contigencies (sec.42)- A firm is dissolved in any of the following ways unless there is an agreement among the partners to the contrary. these may be:
      • by the  death of a partner.
      • by the adjudication of partner as inolvent.
      • by completion of the venture for which it was established
      • by expiry of the term of the firm
        Dissolution by notice(sec.43)- the firm may be dissolved if any partner gives notice in to all the other partners of his intention to dissolve the firm.this is also known as"dissolution of partnership at will"
          Dissolution by court(sec.44)- a court  may order a partnership firm to dissolved in case of a suit by a partner on a following grounds:
          • when the partner become of unsound mind.
          • when a partner becomes permanently incapable of performing his duties as a partner.
          • when a partner is guilty of misconduct affecting the business of the firm .
          • when a partner deliberately and consistently commits breach of agreement relating to the management of the firm.
          • when a partner transfers whole of his interest in the firm to a third party.
          • when the business of the firm cannot be carried on except at a loss.
          • when the court regards it just and equitable to dissolve the firm

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