LAW 1310 Lecture Notes - Lecture 6: Quasi-Contract, Limited Liability Partnership, Limited Liability Company
2 Mar 2018
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For the most part, usually not easy. The better the partnership agreement, the easier it is to dissolve the business. It is a voluntary decision by one of the partners. Divide the money according to the agreement. Part(cid:374)ers do(cid:374)"t (cid:448)olu(cid:374)teer for this or (cid:449)a(cid:374)t this to happe(cid:374) The law says that if a certain thing happens to the partnership, then there is no choice other than closing down the business (involuntarily) For legal circumstances whereby, partnerships are dissolved: death of a partner, when one of your partners goes insane, bankruptcy- when one partner goes bankrupt, when the law changes. The partners (some of them) want to see the partnership dissolve. A limited partner in a limited partnership is a person who has a share ownership but does not participate in managements. Llp can be formed only by professionals. It can only be members of the same profession i. e. only cpas or only doctors.
