This document discusses partnerships and their dissolution. It defines a partnership as a strategic alliance between two or more people that can be formal, with roles and obligations spelled out in writing, or informal, with roles and obligations agreed upon verbally. Dissolution means the discontinuation or termination of the partnership and can occur when the relationship between all partners ends. A partnership dissolves in cases like a change in profit sharing ratio, admission or retirement of a partner, expulsion, death, insolvency, or expiry of the partnership period. Dissolution results in closing down the business, selling assets, paying liabilities, and settling partner accounts. A partnership can dissolve by mutual agreement, compulsory events like insolvency,