The circumstances leading to the dissolution of Partnership are:
(i) Partner's insanity
(ii) Permanent incapacity
(iii) Persistent breach of the agreement
(iv) Misconduct of a partner
(v) Transfer of shares
(vi) Continuous loss
(vii) Just and equitable grounds

The various circumstances leading to the dissolution of partnership firm can be summarised by taking the first letters used in the term "Dissolution".
D - Death of partner
I - Incapacity of a partner
S - Stipulated period of partnership completed in the case of particular partnership S - Serious misconduct of a partner
O - Object is completed (Particular partnership)
L - Lunacy of a partner
U - Unavoidable continuous loss
T - Transfer of interest of the firm
I - Insolvency of a partner
O- Objectionable unlawful objectives
N - Notice of dissolution by a partner.

(i) Joint and Several liabilities:
(1) Every partner is jointly and severally liable for all acts of the firm.
(2) It means that in case the assets are inadequate for meeting the claims of creditors, even their personal properties should be made available.
(3) The creditors can recover their claims from all the partners.
(ii) Liable for any loss to the third party: 
The firm is liable for any loss caused to a third party because of a wrongful act done in the ordinary course of business.
(iii) Liability to the third party to make good the loss:
Where a partner receives money or property from a third party on behalf of the firm and misappropriates it, then the firm is liable to make good the loss.

(i) A minor is a person who has not completed 18 years of age, where a guardian is appointed by a court, his age majority extends to 21 years.
(ii) Legally, a minor cannot become a Partner because he is incapable of entering into a contract.
(iii) He may however be admitted to the benefits of Partnership with the consent of all partners.

(i) Mitakshara Law:
(1) According to 'Mitakshara Law' only the male members in the family get the right of inheritance by birth.
(2) It is applied throughout India except Assam and West Bengal.
(ii) Dayabhaga:
(1) According to Dayabhaga Law, the right of property devolves on the coparceners by succession and not by birth.
(2) The Share in the property is not fluctuating on the basis of births and deaths.
(3) The Shares are specified prior to partition.