DISSOCIATION AND DISSOLUTION

Question 1

What is dissociation?

Answer 1

dissociation is where a partner withdraws from the partnership

Question 2

How can a partner become dissociated from the partnership?

Answer 2

-upon notice of the partner’s express will to withdraw
-upon occurrence of an agreed upon event in the partnership agreement
-upon expulsion pursuant to the partnership agreement
-upon expulsion by the unanimous vote of the other partners if it’s unlawful to carry on the partnership business with that partner
-upon expulsion by the unanimous vote of the other partners if there has been a transfer of all or substantially all of that partner’s transferable interest in the partnership (other than a transfer for
security purposes)
-upon judicial expulsion
-Does a partner become dissociated from the partnership upon bankruptcy?
-upon incapacity or death
- upon appointment of a personal representative or receiver
-upon termination of an entity partner (who is not an individual,
partnership, corporation, trust, or estate)

Question 3

When can a partner dissociate (withdraw) from the partnership?

Answer 3

A partner can dissociate (withdraw) from the partnership at any time