Utah Code 48-1d-703. Effect of dissociation
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(1) If a person‘s dissociation results in a dissolution and winding up of the partnership‘s activities and affairs, Part 9, Dissolution and Winding Up, applies, otherwise, Part 8, Partner‘s Dissociation When Business Not Wound Up, applies.
Terms Used In Utah Code 48-1d-703
- Business: includes every trade, occupation, and profession. See Utah Code 48-1d-102
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
- Partner: means a person that:(11)(a) has become a partner in a partnership under Section 48-1d-401 or was a partner in a partnership when the partnership became subject to this chapter under Section 48-1d-1405; and(11)(b) has not dissociated as a partner under Section 48-1d-701. See Utah Code 48-1d-102
- 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 this chapter or that becomes subject to this chapter under Part 10, Merger, Interest Exchange, Conversion, and Domestication, or Section 48-1d-1405. See Utah Code 48-1d-102
- Person: means an individual, business corporation, nonprofit corporation, partnership, limited partnership, limited liability company, limited cooperative association, unincorporated nonprofit association, statutory trust, business trust, common-law business trust, estate, trust, association, joint venture, public corporation, government or governmental subdivision, agency, or instrumentality, or any other legal or commercial entity. See Utah Code 48-1d-102
(2) If a person is dissociated as a partner:(2)(a) the person’s right to participate in the management and conduct of the partnership‘s activities and affairs terminates, except as otherwise provided in Subsection 48-1d-902(3); and(2)(b) the person’s duties and obligations under Section 48-1d-405:(2)(b)(i) end with regard to matters arising and events occurring after the person’s dissociation; and(2)(b)(ii) continue only with regard to matters arising and events occurring before the person’s dissociation, unless the partner participates in winding up the partnership’s activities and affairs pursuant to Section 48-1d-902.(3) A person’s dissociation does not of itself discharge the person from a debt, obligation, or other liability to the partnership or the other partners which the person incurred while a partner.