North Carolina General Statutes 59-61. Causes of dissolution
Dissolution is caused:
(1) Without violation of the agreement between the partners,
a. By the termination of the definite term or particular undertaking specified in the agreement,
b. By the express will of any partner when no definite term or particular undertaking is specified,
c. By the express will of all partners who have not assigned their interests or suffered them to be charged for their separate debts, either before or after the termination of any specific term or particular undertaking,
d. By the expulsion of any partner from the business bona fide in accordance with such a power conferred by the agreement between the partners;
Terms Used In North Carolina General Statutes 59-61
- Bankruptcy: Refers to statutes and judicial proceedings involving persons or businesses that cannot pay their debts and seek the assistance of the court in getting a fresh start. Under the protection of the bankruptcy court, debtors may discharge their debts, perhaps by paying a portion of each debt. Bankruptcy judges preside over these proceedings.
- 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.
(2) In contravention of the agreement between the partners, where the circumstances do not permit a dissolution under any other provision of this section, by the express will of any partner at any time;
(3) By any event which makes it unlawful for the business of the partnership to be carried on or for the members to carry it on in partnership;
(4) By the death of any partner, unless the partnership agreement provides otherwise;
(5) By the bankruptcy of any partner or the partnership;
(6) By decree of court under N.C. Gen. Stat. § 59-62 (1941, c. 374, s. 31; 1943, c. 384.)