Events that Trigger Partnership Buyouts in California

Written by Adam Peck Category: Injury Law January 14th, 2013 1 min read

Unless the partners have entered into a written agreement that provides otherwise, dissolution of the partnership will result from (1) a partner’s death (Corp. Code Section 1503194); although the court could authorize the deceased’s partner’s personal representative to continue as the general or limited partners; (2) Bankruptcy (Corp. Code Section 15031(5), unless bankruptcy laws provide to the contrary; (3) withdrawal (Corp. Code Section 15031(7).

Any event that causes a general partner of a limited partnership to cease to be a general partner will also cause dissolution of the limited partnership unless:

(a) there is at least one other general partner and the partnership agreement permits the limited partnership to be continued by the remaining general partner or partners or (b) aamjority in interest of the limited partners (or the greater interest provided in the partnership agreement) agree in writing to continue the limited partnership and to admit at least one new general partner.

However, the death of the withdrawal of a limited partner or the transfer of a limited partner’s interest will not cause the dissolution of a limited partnership.

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Written by Adam Peck

Expertise: Personal Injury

Adam J. Peck, ESQ is a principal with Peck Law Group, APC. In 2008, Mr. Adam Peck received his Juris Doctorate from Whittier Law School where he graduated Cum Laude. His practice is primarily dedicated to representing Elders, Dependent Adults, along with their loved ones and family members, who have suffered horrific personal injuries.