Law 3102 Pship Dissolution (RUPA update)

Law 3102 Pship Dissolution (RUPA update) - DISSOLUTION...

Info iconThis preview shows pages 1–8. Sign up to view the full content.

View Full Document Right Arrow Icon
DISSOLUTION UNDER UPA– CAUSES AND EFFECTS
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full Document Right Arrow Icon
I . Stages in life of a partnership A. Partnership in Operation B. Dissolution C. Winding Up and Termination or D. Continuation
Background image of page 2
II. Definition of Dissolution (§ 29) Change in relation of partners caused by any partner ceasing to be associated in the carrying on of the business Note §30 - Dissolution does not terminate the partnership
Background image of page 3

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full Document Right Arrow Icon
III. Causes (§31) (i.e., “events” of dissolution) A. Termination of agreed term or undertaking If partnership continues after that, now a partnership at will B. Withdrawal of partner 1. Wrongful if violates agreement 2. Not wrongful if partnership at will
Background image of page 4
Causes of Dissolution (cont.) C. Agreement 1. Unanimous agreement required 2. Consent not required from partner a. who has assigned his interest in the partnership b. whose interest is the subject of a charging order Note: Neither a. nor b. dissolves the partnership automatically D. Expulsion of partner in accordance with a power in partnership agreement
Background image of page 5

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full Document Right Arrow Icon
Causes of Dissolution (cont.) E. Operation of Law (§ 32) 1. Death of a partner 2. Bankruptcy of a partner or partnership 3. Illegality of partnership
Background image of page 6
F. Court order (§ 32), on grounds of 1. Judicial incompetence or other incapacity of a partner 2. Misconduct of a partner a. Willfully or intentionally breaches partnership agreement b. Makes it impracticable to carry on partnership business c. Conduct that may not be related to business but has
Background image of page 7

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full Document Right Arrow Icon
Image of page 8
This is the end of the preview. Sign up to access the rest of the document.

{[ snackBarMessage ]}

Page1 / 20

Law 3102 Pship Dissolution (RUPA update) - DISSOLUTION...

This preview shows document pages 1 - 8. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online