Section 55 of IPA : Section 55: Sale Of Goodwill After Dissolution
IPA
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Explanation using Example
Imagine a scenario where 'Tasty Treats Partnership', a bakery business run by three partners, has decided to dissolve. According to Section 55 of The Indian Partnership Act, 1932, the partners agree to include the bakery's goodwill in the assets for sale. They find a buyer who is interested in purchasing both the goodwill and the bakery equipment.
After the sale, one of the former partners, Ravi, decides t...
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