Oregon Statutes 67.230 – Effect of partners dissociation
(1) If a partner’s dissociation results in a dissolution and winding up of the partnership business, ORS § 67.290 to 67.315 apply. If a partner’s dissociation does not result in dissolution and winding up of the partnership business, ORS § 67.250 to 67.265 apply.
Terms Used In Oregon Statutes 67.230
- Business: includes every trade, occupation, profession and commercial activity. See Oregon Statutes 67.005
- 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.
- Partnership: means an association of two or more persons to carry on as co-owners a business for profit created under ORS § 67. See Oregon Statutes 67.005
(2) Upon a partner’s dissociation:
(a) The partner’s right to participate in the management and conduct of the partnership business terminates, except as otherwise provided in ORS § 67.300;
(b) The partner’s duty of loyalty under ORS § 67.155 (2)(c) terminates; and
(c) The partner’s duty of loyalty under ORS § 67.155 (2)(a) and (b) and duty of care under ORS § 67.155 (3) 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 ORS § 67.300. [1997 c.775 § 29]
(Partner’s Dissociation When Business Not Wound Up)