Dissolution of a general partnership

Generally, a partnership is dissolved and its business must be wound up when any of the following occur:

1. A partner in a partnership at will gives notice of intent to withdraw

2. In a partnership for a definite form (a.) all partners consent to dissolution (b.) the term has expored or (c.) 90 days have passed since a partner has died, been declared bankrupt, or has wroungfully dissociated and a majority in interest of the remaining partners do not wish to continue.

3. The happening of an event agreed to by the partners in the partnership agreement, that will trigger dissolution or that makes it unlawful for the partnership to continue.

4. Issuance of a judicical decree on application of partner that (a.) the economic purpose of partnership is likely to be frustrated, (b.) a partner has engaged in conduct making it not reasonably practicable to carry on the business or (c.) the business cannot parcticably be carried on in conformity with the partnership agreement.

5. Issuance of a judicial decree on application of a transferee of a partner's interest thar it is equitable to wind up the partnership because its term has expired or it was a partnership at will.