§ 31 §1081 — Events causing dissolution and winding up of partnership business

A partnership is dissolved, and its business must be wound up, only upon the occurrence of any of the following events:
1.
Notice of express will to withdraw.
In a partnership at will, the partnership's having notice from a partner, other than a partner who is dissociated under section 1061, subsections 2 to 10, of that partner's express will to withdraw as a partner, or on a later date specified by the partner;
2.
Dissolution before expiration of term.
In a partnership for a definite term or particular undertaking:
3.
Event in partnership agreement.
An event agreed to in the partnership agreement resulting in the winding up of the partnership business;
4.
Unlawful continuation; cure.
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.
Judicial determination; application by partner.
On application by a partner, a judicial determination that:
6.
Judicial determination; application by transferee.
On application by a transferee of a partner's transferable interest, a judicial determination that it is equitable to wind up the partnership business:

Legislative History

PL 2005, c. 543, §A2 (NEW).