धारा 33

A firm is dissolved by the death of a partner, or by the retirement of a partner, or by the bankruptcy of a partner, or by the expiration of the term for which the partners were associated, or by the happening of any other event which makes it impossible to carry on the business of the firm. The dissolution of a firm does not affect the rights and liabilities of the partners, or the rights of third parties, in respect of any transaction entered into before the dissolution.