Connecticut General Statutes 34-357 – Effect of partner’s dissociation
(a) If a partner’s dissociation results in a dissolution and winding up of the partnership business, sections 34-372 to 34-378, inclusive, apply; otherwise, sections 34-362 to 34-366, inclusive, apply.
Terms Used In Connecticut General Statutes 34-357
- 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.
(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 § 34-374;
(2) The partner’s duty of loyalty under subdivision (3) of subsection (b) of § 34-338 terminates; and
(3) The partner’s duty of loyalty under subdivisions (1) and (2) of subsection (b) of § 34-338 and duty of care under subsection (c) of said § 34-338 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 § 34-374.