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Partnership • General Partnerships
PT#013
Legal Definition
The winding up period is the period between dissolution and termination (i.e., the true end of the partnership) wherein the remaining partners liquidate the partnership's assets to satisfy the partnership's creditors. During this period, the partners enter into contracts in an attempt to satisfy debts.
Related Concepts
Can a partner transfer or share their right to manage the company?
Do agency principles apply to partners of a general partnership?
How are existing, new, and retiring general partners liable for debts?
If a partner wishes to dissociate from a general partnership, how can the partnership avoid dissolution?
What are the consequences of a partner who dissociates in breach of the partnership agreement?
What are the most common acts of dissociation that cause dissolution?
What common general rights issues are tested on exams?
What duty is owed between general partners, and what is the remedy for breach?
What is a general partnership and how does it form?
What is liability by estoppel?
What is required for a partner to transfer ownership of specific partnership assets?
What is the priority of distribution for assets of a dissolved partnership?
When liquidating a general partnership, how do you determine who owns what property?
