At the end of the period named, the partnership is dissolved by limitation.
If the partnership is to continue, a new agreement must be made and signed.
On proper application, a partnership may be dissolved by an order of the court.
If a member who has become objectionable to his partners should not agree to a dissolution of the firm, the partners may apply to a court of competent jurisdiction for a decree of dissolution.
No member of a firm can withdraw at his own option. The consent of the other partners is necessary, and before he is released he must provide for his share of the obligations.
Notice of dissolution should be published, and notices sent to agents and others interested.
The following is the customary form of notice:
The copartnership heretofore existing
between John Smith, Harry Roberts and
Thomas Allen, under the firm name of
Smith, Roberts & Co., is this day
dissolved by mutual consent.
John Smith.
Harry Roberts.
Thomas Allen.
June 30, 1910.
SPECIAL PARTNERSHIPS
Limited or special partners are not recognized in some states.