Dissolution and Successor Partnership Sample Clauses

The 'Dissolution and Successor Partnership' clause defines the process and conditions under which a partnership may be dissolved and how a new or successor partnership may be formed. Typically, this clause outlines the events that trigger dissolution, such as the withdrawal or death of a partner, and details the steps for winding up the partnership’s affairs, including the distribution of assets and settlement of liabilities. It may also specify how remaining partners can continue the business by forming a successor partnership, often by admitting new partners or reallocating interests. The core function of this clause is to provide a clear and orderly framework for ending the existing partnership and ensuring business continuity, thereby minimizing disputes and uncertainty during transitions.
Dissolution and Successor Partnership 
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Related to Dissolution and Successor Partnership

  • Dissolution of the Partnership The General Partner may dissolve the Partnership prior to the expiration of its term at any time on not less than 60 days’ notice of the dissolution date given to the other Partners. Upon the dissolution of the Partnership, the Partners’ respective interests in the Partnership shall be valued and settled in accordance with the procedures set forth in Section 6.5.

  • Dissolution and Winding Up of the Company Dissolution. The Company will be dissolved on the happening of any of the following events: Sale, transfer, or other disposition of all or substantially all of the property of the Company; The agreement of all of the Members; By operation of law; or The death, incompetence, expulsion, or bankruptcy of a Member, or the occurrence of any event that terminates the continued membership of a Member in the Company, unless there are then remaining at least the minimum number of Members required by law and all of the remaining Members, within 120 days after the date of the event, elect to continue the business of the Company.

  • Dissolution of Company The Company shall, subject to the SEC’s‌ approval, dissolve and its assets and business shall be wound up upon the occurrence of any of the following events: (a) unanimous written consent of the Participants to dissolve the Company; (b) an event that makes it unlawful or impossible for the Company business to be continued; (c) the termination of one or more Participants such that there is only one remaining Participant; or (d) the entry of a decree of judicial dissolution under Section 18-802 of the Delaware Act.

  • Dissolution of Partnership 53 Section 15.2 Return of Capital Contribution upon Dissolution......

  • Dissolution, etc Wind up, liquidate or dissolve (voluntarily or involuntarily) or commence or suffer any proceedings seeking any such winding up, liquidation or dissolution, except in connection with a merger or consolidation permitted pursuant to Section 10.8.