Business Partnership Dissolution
Unless the partners have entered into a written agreement that provides otherwise, dissolution of the partnership will result from (1) a partner’s death; (although the court may authorize the deceased partner’s personal representative to continue as a general or limited partner); (2) Bankruptcy, unless certain bankruptcy laws provide to the contrary; or (3) withdrawal.
Any event that causes a general partner of a limited partnership to cease to be a general partner may also cause a dissolution of the limited partnership with some exceptions.
Technical dissolution of a partnership may be avoided by proper planning. If the partners do not wish to have the partnership dissolve on the occurrence of certain events that could otherwise cause dissolution, they should specify in their partnerhsip agreement that the occurrence of those events will not dissolve the partnership.
Please contact Steven Peck’s Premier Legal toll-free at 1-866-999-9085 to talk to an experienced Los Angeles Business Attorney with any questions you may have regarding business formation and business litigation.
About the Author
Attorney Adam Peck has been practicing law since 1981. A former successful business owner, Mr. Peck initially focused his legal career on business law. Within the first three years, after some colleagues and friend’s parents endured nursing home neglect and elder abuse, he continued his education to begin practicing elder law and nursing home abuse law.