Dissociation of Partnership Essay Example | Topics and Well Written Essays - 250 words

Dissociation of Partnership - Essay Example Partnership agreements always include dissociation rights. Dissociation from a partnership can either be classified as non-wrongful or wrongful dissociation. Non-wrongful dissociations characterize by non-violation of partnership agreements. It includes events like retirement, a procedural and legal withdrawal of a partner in accordance with the partnerships regulations or death of a partner (Mallor, Barnes, & Bowers, 2013). Wrongful dissociation occurs when a dissociation of a given partner is in breach of a clear provision stipulated out in the partnership's agreement. It includes the unwarranted withdrawal of a partner prior to the completion of an undertaking or the exhausting the term of the partnership. Wrongful dissociation occurs in instances when a given partner files a bankruptcy petition or becomes a party to a bankruptcy as a debtor. The partners determine the judicial expulsions of a partner based on the requests made by other partners. The determinations of judicial expulsions link to an individual’s continuous and conscious breach of the partnership rules or irrational acts (Mallor, Barnes, & Bowers, 2013). Conclusion Statement Dissociation is not usually an automatic occurrence, as there are varieties of legal factors that lead to dissociation. Thus, KUPA encourages continuity of partnership after dissociation. Dissolution signifies the commencement of winding up procedure followed by redistribution of assets and liabilities (Mallor, Barnes, & Bowers, 2013).