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Dissolution of a partnership is the first of two stages in the termination of a partnership. [1] "Winding up" is the second stage. [1] [2] Dissolution may also refer to the termination of a contract or other legal relationship; for example, a divorce is the dissolution of a marriage only if the husband or wife does not agree. If the husband and ...
Just as business owners filed paperwork with the state to form their LLC, they must file articles of dissolution or a similar document to dissolve the LLC. This document is part of public records ...
Any such action to dissolve the partnership by partners is a grounds for automatic dissolution. [9] Operation of law – the partnership may be dissolved in the event of a partner's death or bankruptcy, so long as the other partner(s) agree to the dissolution. Operation of law is also grounds for automatic dissolution. [10]
The assets and property of the business are redistributed. When a firm has been liquidated, it is sometimes referred to as wound-up or dissolved, although dissolution technically refers to the last stage of liquidation.
Section 702 thereof provides that, as one ground, judicial dissolution may be decreed “whenever it is not reasonably practicable to carry on the business in conformity with the articles of ...
If the purpose trust construction is preferred, then the dissolution of the association will not necessarily bring an end to the purpose trust, dependent upon whether the association is the "essential mechanism" of the purpose. If the purpose trust survives the winding up of the association, then new trustees may need to be appointed.
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