Wisconsin Statutes 179.0604 – Power to dissociate as general partner; wrongful dissociation
Current as of: 2023 | Check for updates
|
Other versions
Terms Used In Wisconsin Statutes 179.0604
- 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 general partner at any time, rightfully or wrongfully, by withdrawing as a general partner by express will under s. 179.0603 (1).
(2) A person’s dissociation as a general 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) The dissociation occurs before the completion of the winding up of the limited partnership and any of the following applies:
1. The person withdraws as a general partner by express will.
2. The person is expelled as a general partner by judicial order under s. 179.0603 (5).
3. The person is dissociated as a general partner under s. 179.0603 (7).
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 as a general partner because it willfully dissolved or terminated.
(3) A person that wrongfully dissociates as a general partner is liable to the limited partnership and, subject to s. 179.0901, to the other partners for damages caused by the dissociation. The liability is in addition to any debt, obligation, or other liability of the general partner to the partnership or the other partners.