Kentucky Statutes 362.1-704 – Statement of dissociation
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(1) A dissociated partner or the partnership may file a statement of dissociation stating the name of the partnership and that the partner is dissociated from the partnership.
(2) A statement of dissociation is a limitation on the authority of a dissociated partner for the purposes of KRS § 362.1-303(4) and (5).
(3) For the purposes of KRS § 362.1-702(1)(c) and 362.1-703(2)(c), a person not a partner has notice of the dissociation ninety (90) days after the statement of dissociation is filed.
Effective: July 12, 2006
History: Created 2006 Ky. Acts ch. 149, sec. 52, effective July 12, 2006.
(2) A statement of dissociation is a limitation on the authority of a dissociated partner for the purposes of KRS § 362.1-303(4) and (5).
Terms Used In Kentucky Statutes 362.1-704
- 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.
- Partnership: means an association of two (2) or more persons to carry on as co- owners a business for profit formed under KRS §. See Kentucky Statutes 362.1-101
- Person: means an individual, an entity, or any other legal or commercial entity. See Kentucky Statutes 362.1-101
- Statement: means a statement of partnership authority under KRS §. See Kentucky Statutes 362.1-101
(3) For the purposes of KRS § 362.1-702(1)(c) and 362.1-703(2)(c), a person not a partner has notice of the dissociation ninety (90) days after the statement of dissociation is filed.
Effective: July 12, 2006
History: Created 2006 Ky. Acts ch. 149, sec. 52, effective July 12, 2006.