The dissolution of Partnership may take place due to:

(a) Retirement of Partner

(b) Death of Partner

(c) Insolvency of Partner

(d) Admission of New Partner

(e) Completion of Venture, if partnership formed for that purpose

Choose the correct answer from the options given below:

The correct answer is A, B, C, D and E only.

To understand why all the given statements are correct, let us analyze the concept of the dissolution of a partnership.

In partnership law, a distinction is made between the "dissolution of a partnership" and the "dissolution of a firm". Dissolution of a partnership refers to the termination of the original partnership agreement and the reconstitution of the firm with new relations among the partners, while the business of the firm continues. All the given scenarios represent instances where the existing partnership relation is dissolved and reconstituted:

(a) Retirement of Partner: When a partner retires, the existing partnership agreement between all partners comes to an end, resulting in the dissolution of the old partnership. The remaining partners may choose to continue the business under a new agreement.
(b) Death of Partner: The death of a partner dissolves the partnership relation among the partners. Unless otherwise agreed, the death of a partner dissolves the partnership, and if the remaining partners continue the business, it constitutes a reconstituted partnership.
(c) Insolvency of Partner: When a partner is declared insolvent, they cease to be a partner from the date of insolvency. This automatically terminates the old partnership agreement, leading to its dissolution.
(d) Admission of New Partner: Introducing a new partner changes the mutual rights, duties, and profit-sharing ratios among the partners. This terminates the existing partnership agreement and initiates a new one, thereby dissolving the old partnership.
(e) Completion of Venture: If a partnership is formed specifically to carry out a particular venture or undertaking (known as a particular partnership), the partnership stands dissolved automatically upon the completion of that venture or undertaking.

Therefore, all the listed circumstances (a), (b), (c), (d), and (e) can lead to the dissolution of a partnership.