Kentucky Statutes 362.1-806 – Partner’s liability to other partners after dissolution
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(1) Except as otherwise provided in subsection (2) of this section and KRS § 362.1-306, after dissolution a partner is liable to the other partners for the partner’s share of any partnership liability incurred under KRS § 362.1-804.
(2) A partner who, with knowledge of the dissolution, incurs a partnership liability under KRS § 362.1-804(2) by an act that is not appropriate for winding up the partnership business is liable to the partnership for any damage caused to the partnership arising from the liability.
Effective: July 12, 2006
History: Created 2006 Ky. Acts ch. 149, sec. 59, effective July 12, 2006.
(2) A partner who, with knowledge of the dissolution, incurs a partnership liability under KRS § 362.1-804(2) by an act that is not appropriate for winding up the partnership business is liable to the partnership for any damage caused to the partnership arising from the liability.
Terms Used In Kentucky Statutes 362.1-806
- Business: includes every trade, occupation, and profession. See Kentucky Statutes 362.1-101
- 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
Effective: July 12, 2006
History: Created 2006 Ky. Acts ch. 149, sec. 59, effective July 12, 2006.