33.1 Law for Business, 15e by Ashcroft Chapter 33: Dissolution of a Partnership Law for Business, 15e, by Ashcroft, © 2005 West Legal Studies in Business,

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33.1 Law for Business, 15e by Ashcroft Chapter 33: Dissolution of a Partnership Law for Business, 15e, by Ashcroft, © 2005 West Legal Studies in Business, a Division of Thomson Learning

33.2 Chapter 33 Objectives  List the methods the partners may use to dissolve a partnership.  Discuss the reasons why a court may order dissolution of a partnership.  Identify those events that result in dissolution of a partnership by operation of the law.  Explain who should be notified of a partnership dissolution.

33.3  If no date for dissolution is fixed, the partners dissolve the agreement at any time.  If one partner voluntarily withdraws, the business can continue, but the legal partnership itself is dissolved  A partner be expelled by any activity the partners agree upon in the partnership agreement. Dissolution by Acts of the Parties

33.4 Dissolution by Judicial Decisions  Insanity of a partner  Insanity must be by court decree.  Incapacity  If partner develops an incapacity that makes it impossible for the partner to perform in the partnership.

33.5 Dissolution by Judicial Decisions  Misconduct  If one partner acts to the detriment of the company.  Futility  All partnerships must operate for a profit. If this clearly is not being met, the partnership must be dissolved.

33.6 Dissolution by Operation of the Law Death  Death of one partner dissolves partnership unless otherwise stated. Bankruptcy  Unlimited liability of the partner is destroyed. Illegality  If a partnership is formed legally then becomes illegal, it is dissolved.

33.7 Notice of Dissolution  To protect third parties, notice of dissolution must be given.  Usually customers and creditors are notified by mail.  Giving notice is not necessary when:  Someone was once a partner.  The partnership was dissolved by operation of the law.  The partnership was dissolved by judicial decree.  A dormant or secret partner retires.

33.8 Distribution of Assets Partners who have advanced money are entitled to reimbursement Each partner is entitled to the return of contributed capital Remaining assets are distributed equally

33.9 The End ! LAW

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