Wisconsin Statutes 178.0603 – Effect of dissociation
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Terms Used In Wisconsin Statutes 178.0603
- 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) If a person‘s dissociation results in a dissolution and winding up of the partnership business, subch. VIII applies; otherwise, subch. VII applies.
(2) If a person is dissociated as a partner, all of the following apply:
(a) The person’s right to participate in the management and conduct of the partnership’s business terminates, except as otherwise provided in s. 178.0802 (3).
(b) The person’s duties and obligations under s. 178.0409 end with regard to matters arising and events occurring after the person’s dissociation, except to the extent the partner participates in winding up the partnership’s business pursuant to s. 178.0802.
(3) A person’s dissociation does not of itself discharge the person from any debt, obligation, or other liability to the partnership or the other partners which the person incurred while a partner.