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Dissolution and Winding Up

15 January, 2016 - 09:35

LEARNING OBJECTIVES

  1. Understand the dissolution of general partnerships under the Uniform Partnership Act (UPA).
  2. Understand the dissociation and dissolution of general partnerships under the Revised Uniform Partnership Act (RUPA).
  3. Explain the winding up of partnerships under UPA and RUPA.

It is said that a partnership is like a marriage, and that extends to its ending too. It’s easier to get into a partnership than it is to get out of it because legal entanglements continue after a person is no longer a partner. The rules governing “getting out” of a partnership are different under the Revised Uniform Partnership Act (RUPA) than under the Uniform Partnership Act (UPA). We take up UPA first.