Washington Code 25.05.235 – Effect of partner’s dissociation
Current as of: 2023 | Check for updates
|
Other versions
(1) If a partner’s dissociation results in a dissolution and winding up of the partnership business, article 8 of this chapter applies; otherwise, article 7 of this chapter applies.
Terms Used In Washington Code 25.05.235
- 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.
(2) Upon a partner’s dissociation:
(a) The partner’s right to participate in the management and conduct of the partnership business terminates, except as otherwise provided in RCW 25.05.310;
(b) The partner’s duty of loyalty under RCW 25.05.165(2)(c) terminates; and
(c) The partner’s duty of loyalty under RCW 25.05.165(2) (a) and (b) and duty of care under RCW 25.05.165(3) 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 RCW 25.05.310.
[ 1998 c 103 § 603.]