Assertion: partnership | /r/HasProperty | dissolved
Facets:
value: automatically
type: MANNER
value: usually
type: DEGREE
value: illegality –
type: OTHER
Source sentences:
text: The partnership agreement should indicate the events upon which the partnership is to be dissolved and its affairs wound up.
text: Any asset you contribute to the partnership is jointly owned by you and your partners, and there's no assurance you will get it back when the partnership is dissolved.
text: Illegality – a partnership is automatically dissolved when an event renders the purpose of the partnership illegal or against public policy
text: a partnership is automatically dissolved when an event renders the purpose of the partnership illegal or against public policy
text: However, most partnership agreements provide that in these types of events, (1) the share of the departed partner usually remains in the partnership or is given to an identified successor, and (2) the partnership will be dissolved.
text: If any or all of the partners want to leave the partnership, it can be dissolved by notifying federal and state tax authorities and informing any creditors and vendors of the partnership’s conclusion.
text: If the partnership is ever dissolved, the remaining partnership assets are divided up amongst the partners based on the partnership agreement and the individual partners’ capital accounts.
text: Usually, partnerships are dissolved because of some sort of dispute among the partners in the business.
text: If only one partner remains, the partnership must be dissolved, although the person who remains might choose to continue the trade as a sole trader.
text: In the event that a partnership is being dissolved, certain liabilities remain with the partners.
text: In most states, the law of partnerships provides that, unless the agreement indicates otherwise, partnerships are dissolved--or a partner may be dissociated from the partnership--when specified events occur.