Vermont Statutes Title 11 Sec. 3253
Terms Used In Vermont Statutes Title 11 Sec. 3253
- Business: includes every trade, occupation, and profession. See
- 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 3212 of this title, predecessor law, or comparable law of another jurisdiction and includes for all purposes of the laws of this State a limited liability partnership. See
§ 3253. Effect of partner’s dissociation
(a) If a partner’s dissociation results in a dissolution and winding up of the partnership business, subchapter 8 of this chapter applies; otherwise, subchapter 7 of this chapter applies.
(b) Upon a partner’s dissociation:
(1) the partner’s right to participate in the management and conduct of the partnership business terminates, except as otherwise provided in section 3273 of this title;
(2) the partner’s duty of loyalty under subdivision 3234(b)(3) of this title terminates; and
(3) the partner’s duty of loyalty under subdivisions 3234(b)(1) and (2) of this title and duty of care under subsection 3234(c) of this title 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 3273 of this title. (Added 1997, No. 149 (Adj. Sess.), § 1, eff. Jan. 1, 1999.)