Wisconsin Statutes 178.0602 – Power to dissociate as partner; wrongful dissociation
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Terms Used In Wisconsin Statutes 178.0602
- Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
- Following: when used by way of reference to any statute section, means the section next following that in which the reference is made. See Wisconsin Statutes 990.01
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
- 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.
- Person: includes all partnerships, associations and bodies politic or corporate. See Wisconsin Statutes 990.01
(1) A person has the power to dissociate as a partner at any time, rightfully or wrongfully, by withdrawing as a partner by express will under s. 178.0601 (1).
(2) A person’s dissociation as a partner is wrongful only if any of the following applies:
(a) The dissociation is in breach of an express provision of the partnership agreement.
(b) In the case of a partnership for a definite term or particular undertaking, the dissociation occurs before the expiration of the term or the completion of the undertaking and any of the following applies:
1. The person withdraws as a partner by express will, unless the withdrawal follows not later than 90 days after another person’s dissociation by death or otherwise under s. 178.0601 (6) to (10) or wrongful dissociation under this subsection.
2. The person is expelled as a partner by judicial order under s. 178.0601 (5).
3. The person is dissociated under s. 178.0601 (6).
4. In the case of a person that is not a trust other than a business trust, an estate, or an individual, the person is expelled or otherwise dissociated because it willfully dissolved or terminated.
(3) A person that wrongfully dissociates as a partner is liable to the partnership and to the other partners for damages caused by the dissociation. The liability is in addition to any debt, obligation, or other liability of the partner to the partnership or the other partners.