Maryland Code, CORPORATIONS AND ASSOCIATIONS 9A-603
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Terms Used In Maryland Code, CORPORATIONS AND ASSOCIATIONS 9A-603
- 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.
(a) If a partner’s dissociation results in a dissolution and winding up of the partnership business, Subtitle 8 of this title applies; otherwise, Subtitle 7 of this title applies.
(b) Upon a partner’s dissociation:
(1) The partner’s right to participate in the management and conduct of the partnership business terminates, except as otherwise provided in § 9A-803 of this title;
(2) The partner’s duty of loyalty under § 9A-404(b)(3) of this title terminates; and
(3) The partner’s duty of loyalty under § 9A-404(b)(1) and (2) of this title and duty of care under § 9A-404(c) of this title continue only with regard to matters arising and events occurring before the partner’s dissociation, unless the partner participates in winding up the partnership’s business pursuant to § 9A-803 of this title.