It refers to the process of terminating a partnership by mutual consent of all the partners. It occurs when all partners in the partnership agree to dissolve the partnership and cease its operations. This method of dissolution is typically carried out in accordance with the terms and conditions specified in the partnership agreement.
When partners decide to dissolve the partnership by agreement, they usually follow
Mutual Consent: All partners must agree to dissolve the partnership. This decision is usually reached through discussions and negotiations among the partners. It may be prompted by various reasons, such as the expiration of a fixed term, changes in business circumstances, disputes among partners, or a desire to pursue other opportunities.
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