Massachusetts General Laws ch. 109 sec. 46 – Winding up partnership affairs
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Section 46. Except as provided in the partnership agreement, the general partners who have not wrongfully dissolved a limited partnership or, if none, the limited partners, may wind up the limited partnership’s affairs; provided, however, that the superior court department of the trial court may wind up the limited partnership’s affairs upon application of any partner, his legal representative, or assignee.
Terms Used In Massachusetts General Laws ch. 109 sec. 46
- Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
- Trial: A hearing that takes place when the defendant pleads "not guilty" and witnesses are required to come to court to give evidence.