pg 956-969 - 11 The business of the partnership can be...

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Summary of Reasons for Rightful Dissolution of the Partnership 1. The term established in the partnership agreement expires 2. The partnership meets the established objective of the partnership 3. A partner withdraws from the partnership at will 4. A partner withdraws in accordance with the partnership agreement 5. A partner is expelled from the partnership in accordance with the partnership agreement 6. A partner dies 7. A partner is adjudicated bankrupt 8. The business of the partnership becomes illegal 9. A partner is adjudicated insane 10. A partner becomes incapable of performing the duties as established by the partnership agreement
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Unformatted text preview: 11. The business of the partnership can be carried on only at a loss of profits 12. The disagreement between the partners is such that it undermines the nature of the partnership 13. Other circumstances of the partnership necessitate the dissolution When a partnership has debt, the distribution of liquidated assets must take the following order: 1. Payment to creditors of the partnership 2. Payment of refunds or loans to partners for loans made to the firm 3. Payment of partners for the capital they invested 4. Payment of profits distributed to partners on the basis of the partnership agreement...
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