Sec. 34-340. Continuation of partnership beyond definite term or particular undertaking.
Sec. 34-340. Continuation of partnership beyond definite term or particular
undertaking. (a) If a partnership for a definite term or particular undertaking is continued, without an express agreement, after the expiration of the term or completion of the
undertaking, the rights and duties of the partners remain the same as they were at the
expiration or completion, so far as is consistent with a partnership at will.
(b) If the partners, or those of them who habitually acted in the business during the
term or undertaking, continue the business without any settlement or liquidation of the
partnership, they are presumed to have agreed that the partnership will continue.
(P.A. 95-341, S. 26, 58.)
History: P.A. 95-341 effective July 1, 1997.