Kansas Agreement to Dissolve and Wind up Partnership with Division of Assets between Partners
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FAQ
Dissolution occurs when any partner discontinues his or her involvement in the partnership business or when there is any change in the partnership relationship. The second step is known as winding up. This is when partnership accounts are settled and assets are liquidated.
Typically, state law provides that the partnership must first pay partners according to their share of capital contributions (the investments in the partnership), and then distribute any remaining assets equally.
Section 37 of the UPA provides that unless otherwise agreed, the partners who have not wrongfully dissolved the partnership or the legal representative of the last surviving solvent partner have the right to wind up the partnership affairs, provided, however, that any partner, his legal representative, or his assignee
Winding up a partnership business is a procedure that distributes, or liquidates, any remaining property of the partnership and any assets that remain after the dissolution of the partnership business. Only those partners that remain with the partnership have the right to partnership assets in the wind up process.
If dissolution is not covered in the partnership agreement, the partners can later create a separate dissolution agreement for that purpose. However, the default rule is that any remaining money or property will be distributed to each partner according to their ownership interest in the partnership.
The term "dissolution" refers to the systemic closing down of a business entity, while "winding up" refers to the selling of assets and payment of debts prior to closing a business. Dissolution and winding up, as well as other aspects of closing a business, often require the assistance of a legal professional.
The liquidation or dissolution process for partnerships is similar to the liquidation process for corporations. Over a period of time, the partnership's non-cash assets are converted to cash, creditors are paid to the extent possible, and remaining funds, if any, are distributed to the partners.
Dissolving a partnership firm means discontinuing the business under the name of the said partnership firm. In this case, all liabilities are finally settled by selling off assets or transferring them to a particular partner, settling all accounts that existed with the partnership firm.
Only partnership assets are to be divided among partners upon dissolution. If assets were used by the partnership, but did not form part of the partnership assets, then those assets will not be divided upon dissolution (see, for example, Hansen v Hansen, 2005 SKQB 436).
Once the debts owed to all creditors are satisfied, the partnership property will be distributed to each partner according to their ownership interest in the partnership. If there was a partnership agreement, then that document controls the distribution.