Wyoming § 17-21-808 Settlement of accounts among partners

Wyoming Statutes

§ 17-21-808 — Settlement of accounts among partners

Wyoming § 17-21-808

Title 17Corporations, Partnerships and Associations

Ch. 21UNIFORM PARTNERSHIP ACT

Art. 8WINDING UP PARTNERSHIP BUSINESS

This text of Wyoming § 17-21-808 (Settlement of accounts among partners) is published on Counsel Stack Legal Research, covering Wyoming primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Wyo. Stat. Ann. § 17-21-808 (2026).

Text

(a)In winding up the partnership business, the assets of the partnership shall be applied to discharge its obligations to creditors, including partners who are creditors. Any surplus shall be applied to pay in cash the net amount distributable to partners in accordance with their right to distributions pursuant to subsection (b) of this section.

(b)Each partner is entitled to a settlement of all partnership accounts upon winding up the partnership business. In settling accounts among the partners, the profits and losses that result from the liquidation of the partnership assets shall be credited and charged to the partners' accounts. The partnership shall make a distribution to a partner in an amount equal to that partner's positive balance. A partner shall contribute to the partnership

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(a) In winding up the partnership business, the assets of
the partnership shall be applied to discharge its obligations to
creditors, including partners who are creditors. Any surplus
shall be applied to pay in cash the net amount distributable to
partners in accordance with their right to distributions
pursuant to subsection (b) of this section.
(b) Each partner is entitled to a settlement of all
partnership accounts upon winding up the partnership business.
In settling accounts among the partners, the profits and losses
that result from the liquidation of the partnership assets shall
be credited and charged to the partners' accounts. The
partnership shall make a distribution to a partner in an amount
equal to that partner's positive balance. A partner shall
contribute to the partnership an amount equal to that partner's
negative balance only to the extent that negative balance is
attributable to an obligation for which that partner is
personally liable under W.S. 17-21-306.
(c) To the extent not taken into account in settling the
accounts among partners pursuant to subsection (b) of this
section, each partner shall contribute in the proportion in
which the partner shares partnership losses, the amount
necessary to satisfy those partnership obligations for which the
partner is personally liable under W.S. 17-21-306. If a partner
fails or is not obligated to contribute, the other partners
shall contribute in the proportions in which the partners share
partnership losses, the additional amount necessary to satisfy
those partnership obligations for which the partners are
personally liable under W.S. 17-21-306. A partner or partner's
legal representative may recover from the other partners any
contributions the partner makes to the extent the amount
contributed exceeds that partner's share of the partnership
obligations but only to the extent such contributions are made
on account of obligations for which the other partners are
liable under W.S. 17-21-306.
(d) The estate of a deceased partner is liable for the
partner's obligation to contribute to the partnership under
subsection (b) of this section.
(e) An assignee for the benefit of creditors of a
partnership or a partner or a person appointed by the court to
represent creditors of a partnership or a partner, may enforce a
partner's obligation to contribute to the partnership under
subsection (b) of this section.