Change in partnership composition is the difference between the termination of a partnership and the liquidation of partnership property.
1. termination of partnership amount to changes in relation of partners and business continues where as liquidation of Partnership property involves complete closure of business.
2. When any of the partners dies, retires or become insolvent but if the remaining partners still agree to continue the business of the partnership firm, then it is termination of partnership not the liquidation of partnership property.
3. On liquidation of partnership property, the business of the firm ceases to exist since its affairs are would up by selling the assets and by paying the liabilities and discharging the claims of the partners.
4. The termination of partnership among all partners of a firm is called liquidation of partnership property.
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