Absent an agreement dealing with dissolution, when does a partnership dissolve?
Upon notice of the express will of any one partner to dissociate
What is the date of death of a partnership called?
What is the process between dissolution and termination called?
What is the main task of the partners during winding up?
Liquidating assets to satisfy partnership creditors
What is a partnership's liability regarding old business?
Liable for transactions entered into the satisfy creditors who existed when winding up began
What is a partnership's liability regarding transactions entered into during winding up?
Liable until notice is given to creditors OR 90 days after statement of dissolution is filed with the state
Priority of Distribution
What are the three levels of priority?
1. Outside creditors and partners who LOANED money to partnership
2. Capital paid by partners must be returned / losses accrued must be paid in by partners
3. Surplus money, if any