End of Partnership

Question 1

3 steps to ending a partnership

Answer 1

1. dissociation
2. winding up
3. termination

Question 2

Dissolution/Disassociation

Answer 2

• change the relation of the partners
• prior creditors are entitled to personal notice of the dissolution of the partnership
• others are entitled to newspaper notice
• partner can give notice of withdrawal to partnership at any time
• notice will trigger dissolution at an at will partnership

Question 3

Winding Up

Answer 3

• This is where partnership assets are liquidated and creditors are paid
• partners are still liable for any liabilities that occur during the winding up phase

Question 4

Termination

Answer 4

the true end of the partnership