chapter 37.rtf - Chapter 37 Articles of partnership-A...

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Chapter 37 Articles of partnership -A written agreement that sets forth each partner's rights and obligation with respect to the partnership. Buyout price - The amount payable to a partner on his or her dissociation from a partnership, based on the amount distributable to that partner if the firm were wound up on that date, and offset by any damages for wrongful dissociation. buy-sell agreement - In the context of partnerships, an express agreement made at the time of partnership formation for one or more of the partners to buy out the other or others should the situation warrant - and thus provide for the smooth dissolution of the partnership. Certificate of limited partnership - The basic document filed with a designated state official by which a limited partnership is formed. Charging order - In partnership law, an order granted by a court to a judgment creditor that entitles the creditor to attach profits or assets of a partner on dissolution of the partnership. Dissociation - The severance of the relationship between a partner and a partnership when the partner ceases to be associated with the carrying on of the partnership business. Dissolution - The formal disbanding of a partnership or a corporation. It can take place by (1) acts of the
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