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Partnerships > Winding up > Flashcards

Flashcards in Winding up Deck (3)
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1

Dissolution

commencement of winding up process. Dissolution is mandatory when called for in a partnership at will and permissive if unanimous consent

2

Winding up

process of settling partnership affairs. Assets distributed first to creditors and second to partners in accordance with their distribution rights. Partners must contribute remainder to satisfy liabilities

3

Termination

point at which all partnership affairs are tied up