56a-801. Events causing dissolution and winding up of partnership business.
56a-801
56a-801. Events causing dissolution and winding upof partnership business.A partnership is dissolved, and its business mustbe wound up, only upon the occurrence of any of the followingevents:
(a) In a partnership at will, the partnership's havingnotice from a partner, other than a partner who is dissociatedunder subsections (b) through (j) of K.S.A. 56a-601, of thatpartner's express willto withdraw as a partner, or on a later date specified by thepartner;
(b) in a partnership for a definite term or particularundertaking:
(1) Within 90 days after a partner'sdissociation by death or otherwise under subsections (f) through (j) ofK.S.A. 56a-601 or wrongful dissociation under subsection (b) ofK.S.A. 56a-602,the express will of at least 1/2 of the remaining partners to wind up thepartnership business, for which purpose a partner's rightful disassociationpursuant to subsection (b)(2)(i) of K.S.A. 56a-602 and amendmentstheretoconstitutes the expression of that partner's will to wind up the partnershipbusiness;
(2) the express will of all of the partners to windup the partnership business; or
(3) the expiration of the term or the completionof the undertaking;
(c) an event agreed to in the partnership agreementresulting in the winding up of the partnership business;
(d) an event that makes it unlawful for all orsubstantially all of the business of the partnership to becontinued, but a cure of illegality within 90 days after notice tothe partnership of the event is effective retroactively to the dateof the event for purposes of this section;
(e) on application by a partner, a judicial determinationthat:
(1) The economic purpose of the partnership islikely to be unreasonably frustrated;
(2) another partner has engaged in conduct relatingto the partnership business which makes it not reasonablypracticable to carry on the business in partnership with thatpartner; or
(3) it is not otherwise reasonably practicable tocarry on the partnership business in conformity with thepartnership agreement; or
(f) on application by a transferee of a partner'stransferable interest, a judicial determination that it isequitable to wind up the partnership business:
(1) After the expiration of the term or completionof the undertaking, if the partnership was for a definite term orparticular undertaking at the time of the transfer or entry of thecharging order that gave rise to the transfer; or
(2) at any time, if the partnership was apartnership at will at the time of the transfer or entry of thecharging order that gave rise to the transfer.
History: L. 1998, ch. 93, § 38; Jan. 1, 1999.