Women have been encouraged throughout the world to be entrepreneurs. Many reasons, some of them being...

Women have been encouraged throughout the world to be entrepreneurs. Many reasons, some of them being to support themselves and their families; to attain the fulfillment of having started something on their own and to satisfy their desire for financial independence. Women not only create jobs for themselves and others, but also work towards growing their businesses, and constantly innovating new products and services. One such example was the partnership venture of Ms. Roya, Ms. Nida and Ms. Sarah. This partnership firm was called as “The Royal Bakers of Oman”. Based in Muttrah since inception in 2012, this SME concentrated on making innovative Omani and Arab bakery products for immediate consumption. Further, they expanded their business and entered into packed products, whereby supplying their edible items in hypermarkets and shops in Muscat. In 2020, this firm failed multiple times to pass the food safety test laid down by the Muscat Municipality. This resulted in forced closure of the said firm.
You are requested to write down a report explaining different reasons for amendments in the constitution of the firm dissolution of partnership and closure of the firm . Also explain the dissolution settlement procedure in detail.

Expert Solution

Dissolution of partnership is that change in the partnership relation which ultimately culminates in its termination. It is the change in the relation of partners caused by any partner's ceasing to be associated in the carrying on of the business.

Causes of Dissolution of Partnership Firms

Dissolution by Agreement. ...
Dissolution by Notice. ...
Insolvency of Partners. ...
Commitment to Illegal Business. ...
Death of a Partner. ...
Expiry of Term. ...
Completion of Work or Contract. ...
Resignation of Partner.

Dissolution of Partnership Firm and settlement of Accounts. Dissolution of partnership firm is a process in which relationship between partners of firm is dissolved or terminated. This process includes the discarding and disposing of all the assets of firm or and settlements of accounts, assets, and liabilities

The firm will pay the losses including the deficiency of capital firstly out of the profits, secondly out of the partner’s capital and lastly by the partners individually in their profit sharing ratio.
The firm shall apply its assets including any contribution to make up the deficiency firstly, for paying the third party debts, secondly for paying any loan or advance by any partner and lastly for paying back their capitals. Any surplus left after all the above payments is shared by partners in profit sharing ratio.

ekkarill92 answered 1 year ago

Women have been encouraged throughout the world to be entrepreneurs. Many reasons, some of them being...

Women have been encouraged throughout the world to be entrepreneurs. Many reasons, some of them being to support themselves and their families; to attain the fulfillment of having started something on their own and to satisfy their desire for financial independence. Women not only create jobs for themselves and others, but also work toward growing their businesses, and constantly innovating new products and services. One such example was the partnership venture of Ms. Rihab, Ms. Shaima, Ms. Yumna and Ms...

Q.10 Women have been encouraged throughout the world to be entrepreneurs. Many reasons, some of them...

Q.10 Women have been encouraged throughout the world to be entrepreneurs. Many reasons, some of them being to support themselves and their families; to attain the fulfillment of having started something on their own and to satisfy their desire for financial independence. Women not only create jobs for themselves and others, but also work toward growing their businesses, and constantly innovating new products and services. One such example was the partnership venture of Ms. Amna, Ms. Saeeda , Ms. Sana...

How social entrepreneurs encouraged by goverment ? Or what goverment have done to encourage social entrepreneurs...

How social entrepreneurs encouraged by goverment ? Or what goverment have done to encourage social entrepreneurs ? (250Words) Thanks

Throughout the whole of this course, we have looked at the insights of many real-world economists....

Throughout the whole of this course, we have looked at the insights of many real-world economists. For this task, assume you have been invited to organise an online webinar event for the Economic Society of Australia (ESA), which is the peak professional organisation for economists in Australia. This is your chance to invite any economist (from Australia or any other country in the world) and interview them on an economic topic of your choice. The topic must obviously relate to...

1. What are some of the obstacle that women have to face being a police officer...

1. What are some of the obstacle that women have to face being a police officer ? 2. Why do policewomen view their chances of ever being promoted greatly diminished ? 3. Why do women deputes lack acceptance in some dominant male work places ?

There have been many revolutions in the history of the world. The American Revolution, the French...

There have been many revolutions in the history of the world. The American Revolution, the French Revolution and the Russian Revolution all overthrew the rule of monarchs. Which had the most impact over the long term.. Among these which was the most dramatic?

There have been many revolutions in the history of the world. The American Revolution, the French...

There have been many revolutions in the history of the world. The American Revolution, the French Revolution and the Russian Revolution all overthrew the rule of monarchs. Which had the most impact over the long term.. Among these which was the most dramatic?

Discus on the reasons why accounting regimes vary from country to country throughout the world and...

Discus on the reasons why accounting regimes vary from country to country throughout the world and the factors that impact upon their ongoing development and evolution.

15) Wolf society, packs, and ecology have been studied extensively at different locations throughout the world....

15) Wolf society, packs, and ecology have been studied extensively at different locations throughout the world. Sex ratios for 7 study sites in Northern Europe are shown below. Site No. % Males (Winter) %Males (Summer) 1 71 54 2 48 51 3 89 72 4 57 46 5 62 55 6 50 49 7 58 44 It is hypothesized that in winter "loner" males (not present in summer packs) join the pack to increase survival rate. Use a 5% level...

Outline some of the reasons for the difference in life expectancy between men and women

Question

Women have been encouraged throughout the world to be entrepreneurs. Many reasons, some of them being...

Solutions

Expert Solution

Related Solutions

Women have been encouraged throughout the world to be entrepreneurs. Many reasons, some of them being...

Q.10 Women have been encouraged throughout the world to be entrepreneurs. Many reasons, some of them...

How social entrepreneurs encouraged by goverment ? Or what goverment have done to encourage social entrepreneurs...

Throughout the whole of this course, we have looked at the insights of many real-world economists....

1. What are some of the obstacle that women have to face being a police officer...

There have been many revolutions in the history of the world. The American Revolution, the French...

There have been many revolutions in the history of the world. The American Revolution, the French...

Discus on the reasons why accounting regimes vary from country to country throughout the world and...

15) Wolf society, packs, and ecology have been studied extensively at different locations throughout the world....

Outline some of the reasons for the difference in life expectancy between men and women