SECTION 620.8801. Events causing dissolution and winding up of partnership business.
Latest version.
1A partnership is dissolved, and its business must be wound up, only upon the occurrence of any of the following events:
22(1) 23In a partnership at will, the partnership’s having notice from a partner, other than a partner who is dissociated under s. 44620.8601(2)45-(10), of such partner’s express will to withdraw as a partner, or withdraw on a later date specified by the partner;
66(2) 67In a partnership for a definite term or particular undertaking:
77(a) 78Within 90 days after a partner’s dissociation by death or otherwise under s. 91620.8601(6)92-(10) or wrongful dissociation under s. 98620.8602(2), 99the express will of at least half of the remaining partners to wind up the partnership business, for which purpose a partner’s rightful dissociation pursuant to s. 126620.8602(2)(b)1127. constitutes the expression of that partner’s will to wind up the partnership business;
141(b) 142The express will of all of the partners to wind up the partnership’s business; or
157(c) 158The expiration of the term or the completion of the undertaking;
169(3) 170An event agreed to in the partnership agreement resulting in the winding up of the partnership business;
187(4) 188An event which makes it unlawful for all or substantially all of the business of the partnership to be continued, provided, a cure of the illegality, within 90 days after notice to the partnership of the event, is effective retroactively to the date of the event for purposes of this section;
239(5) 240On application by a partner, a judicial determination that:
249(a) 250The economic purpose of the partnership is likely to be unreasonably frustrated;
262(b) 263Another partner has engaged in conduct relating to the partnership business which makes it not reasonably practicable to carry on the business in partnership with such partner; or
291(c) 292It is not otherwise reasonably practicable to carry on the partnership business in conformity with the partnership agreement; or
311(6) 312On application by a transferee of a partner’s transferable interest, a judicial determination that it is equitable to wind up the partnership business:
335(a) 336After the expiration of the term or completion of the undertaking, if the partnership was for a definite term or particular undertaking at the time of the transfer or entry of the charging order that gave rise to the transfer; or
377(b) 378At any time, if the partnership was a partnership at will at the time of the transfer or entry of the charging order that gave rise to the transfer.
