Section 50-73.117 - Events causing dissolution and winding up of partnership businessA partnership is dissolved, and its business shall be wound up, only upon the occurrence of any of the following events:
1. In a partnership at will, the partnership's having notice from a partner, other than a partner who is dissociated under subdivisions 2 through 12 of § 50-73.109, of that partner's express will to withdraw as a partner, on a later date specified by the partner in the notice or, if no later date is specified, the date of notice;2. In a partnership for a definite term or particular undertaking:a. Within 90 days after a partner's dissociation by death or otherwise under subdivisions 6 through 12 of § 50-73.109 or wrongful dissociation under subsection B of § 50-73.110, the express will of at least one half of the remaining partners to wind up the partnership's business, for which purpose a partner's rightful dissociation pursuant to subdivision B 2 a of § 50-73.110 constitutes the expression of that partner's will to wind up the partnership business;b. The express will of all of the partners to wind up the partnership business; orc. The expiration of the term or the completion of the undertaking;3. An event agreed to in the partnership agreement resulting in the winding up of the partnership business;4. An event that makes it unlawful for all or substantially all of the business of the partnership to be continued, but a cure of 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;5. On application by a partner, a judicial determination that:a. The economic purpose of the partnership is likely to be unreasonably frustrated;b. Another partner has engaged in conduct relating to the partnership business which makes it not reasonably practicable to carry on the business in partnership with that partner; orc. It is not otherwise reasonably practicable to carry on the partnership business in conformity with the partnership agreement; or6. On application by a transferee of a partner's transferable interest, a judicial determination that it is equitable to wind up the partnership business:a. After 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; orb. At 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.1996, c. 292; 2006, c. 912.Amended by Acts 2006, § c.912.Amended by Acts 1996, § c. 292.