(A) A partner has the power to dissociate at any time, rightfully or wrongfully, by express will pursuant to division (A) of section 1776.51 of the Revised Code.
(B) A partner's dissociation is wrongful only if either of the following applies to that dissociation:
(1) It is in breach of an express provision of the partnership agreement.
(2) In the case of a partnership for a definite term or particular undertaking, before the expiration of the term or the completion of the undertaking, if any of the following applies:
(a) The partner withdraws by express will, unless the withdrawal follows within ninety days after another partner's dissociation by death or otherwise under divisions (F) to (J) of section 1776.51 of the Revised Code or wrongful dissociation under division (B) of this section;
(b) The partner is expelled by a determination by a tribunal under division (E) of section 1776.51 of the Revised Code.
(c) The partner is dissociated by becoming a debtor in bankruptcy.
(d) In the case of a partner who is not an individual, trust other than a business trust, or estate, the partner is expelled or otherwise dissociated because it willfully dissolved or terminated.
(C) A partner who wrongfully dissociates is liable to the partnership and to the other partners for damages caused by the dissociation. The liability is in addition to any other obligation of the partner to the partnership or to the other partners.
Effective Date: 2008 HB332 08-06-2008Section: Previous 1776.45 1776.46 1776.47 1776.48 1776.49 1776.50 1776.51 1776.52 1776.53 1776.54 1776.55 1776.56 1776.57 1776.58 1776.61 Next
Last modified: October 10, 2016