Ohio Code 1776.53 – Effect of partner’s dissociation
(A) If a partner‘s dissociation results in a dissolution and winding up of the partnership business, sections 1776.61 to 1776.67 of the Revised Code apply. Otherwise, sections 1776.54 to 1776.58 of the Revised Code apply.
Terms Used In Ohio Code 1776.53
- Business: includes every trade, occupation, and profession. See Ohio Code 1776.01
- Partner: means a person admitted to a partnership as a partner. See Ohio Code 1776.01
- 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 or more persons to carry on as co-owners a business for-profit formed under section 1776. See Ohio Code 1776.01
(B) Upon a partner’s dissociation, all of the following apply:
(1) The partner’s right to participate in the management and conduct of the partnership business terminates, except as otherwise provided in section 1776.63 of the Revised Code;
(2) The partner’s duty of loyalty under division (B)(3) of section 1776.44 of the Revised Code terminates;
(3) The partner’s duty of loyalty under divisions (B)(1) and (2) of section 1776.44 of the Revised Code and duty of care under division (C) of section 1776.44 of the Revised Code continue only with regard to matters arising and events occurring before the partner’s dissociation, unless the partner participates in winding up the partnership’s business pursuant to section 1776.63 of the Revised Code.