Winding up

Question 1

Dissolution

Answer 1

commencement of winding up process. Dissolution is mandatory when called for in a partnership at will and permissive if unanimous consent

Question 2

Winding up

Answer 2

process of settling partnership affairs. Assets distributed first to creditors and second to partners in accordance with their distribution rights. Partners must contribute remainder to satisfy liabilities

Question 3

Termination

Answer 3

point at which all partnership affairs are tied up