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In reality, the dissociating partner has the power to dissociate any time without repercussion so long as it isnt in breach of the partnership agreement and the partnership is not for a definite term.
You are hereby notified that the partnership formed under the laws of between and , and , doing business under the name , with a principal business address at , , , (the Partnership), has been dissolved by mutual consent of its partners as of .
What is Dissociation? Feeling detached from oneself or ones surroundings Memory lapses or gaps Feeling as though ones body is not real or does not belong to them Experiencing a sense of unreality or detachment from reality Difficulty concentrating or focusing Feeling emotionally numb or disconnected
They may decide to leave amicably, or they may be expelled based on a breach of contract, a disagreement, or even a judicial action. Whatever the circumstances, when they leave it is known as partnership dissociation, and it is important that it be managed with meticulous attention to the legal issues involved.
(1) A dissociated partner or the partnership may file a statement of dissociation stating the name of the partnership and that the partner is dissociated from the partnership. (2) A statement of dissociation is a limitation on the authority of a dissociated partner for the purposes of KRS 362.1-303(4) and (5).
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