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Arkansas Code Title 4. Business and Commercial Law § 4-46-602. Partner's power to dissociate--Wrongful dissociation

Current as of March 28, 2024 | Updated by FindLaw Staff

(a) A partner has the power to dissociate at any time, rightfully or wrongfully, by express will pursuant to § 4-46-601(1).

(b) A partner's dissociation is wrongful only if:

(1) it is in breach of an express provision of the partnership agreement; or

(2) in the case of a partnership for a definite term or particular undertaking, before the expiration of the term or the completion of the undertaking:

(i) the partner withdraws by express will, unless the withdrawal follows within ninety (90) days after another partner's dissociation by death or otherwise under § 4-46-601(6) - (10) or wrongful dissociation under this subsection;

(ii) the partner is expelled by judicial determination under § 4-46-601(5);

(iii) the partner is dissociated by becoming a debtor in bankruptcy; or

(iv) in the case of a partner who is not an individual, trust other than a business trust, or estate, the partner is expelled or otherwise dissociated because it willfully dissolved or terminated.

(c) A partner who wrongfully dissociates is liable to the partnership and to the other partners for damages caused by the dissociation. The liability is in addition to any other obligation of the partner to the partnership or to the other partners.

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Cite this article: FindLaw.com - Arkansas Code Title 4. Business and Commercial Law § 4-46-602. Partner's power to dissociate--Wrongful dissociation - last updated March 28, 2024 | https://codes.findlaw.com/ar/title-4-business-and-commercial-law/ar-code-sect-4-46-602/

Read this complete Arkansas Code Title 4. Business and Commercial Law § 4-46-602. Partner's power to dissociate--Wrongful dissociation on Westlaw

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