Maryland Code, CORPORATIONS AND ASSOCIATIONS 9A-804
Current as of: 2023 | Check for updates
|
Other versions
Terms Used In Maryland Code, CORPORATIONS AND ASSOCIATIONS 9A-804
- 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.
Subject to § 9A-805 of this subtitle, a partnership is bound by a partner’s act after dissolution that:
(1) Is appropriate for winding up the partnership business; or
(2) Would have bound the partnership under § 9A-301 of this title before dissolution, if the other party to the transaction did not have notice of the dissolution.