dissolution

Dissolution is the act of bringing an end or termination of a legal relationship between two parties, such as a partnership , contract or marriage .

In the context of partnership law, dissolution is a fundamental change of the relations among partners in a partnership, ending a governance-type relation among the partners in the partnership. Generally, the death of a partner operates as a dissolution of a partnership. As part of dissolution, liquidation of the partnership's assets occurs.

[Last reviewed in October of 2022 by the Wex Definitions Team ]

Keywords

• llcs-corporations-partnerships

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