Michigan Laws 449.1804 – Authority to wind up limited partnership’s affairs
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Terms Used In Michigan Laws 449.1804
- Partner: means a limited or general partner. See Michigan Laws 449.1101
- 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.
Except as provided in the partnership agreement, the general partners who have not wrongfully dissolved a limited partnership or, if none, the limited partners, may wind up the limited partnership’s affairs; but the circuit court of the county in which the office referred to in section 105(a)(1) is located may wind up the limited partnership’s affairs upon application of, and good cause shown by, any partner, his or her legal representative, or assignee.