{"data":{"id":"us-ky/krs-362.1-801","jurisdiction":"us-ky","citation":"KRS 362.1-801","heading":"Events causing dissolution and winding up of partnership business.","body":"A partnership is dissolved, and its business shall be wound up, only upon the occurrence\nof any of the following events:\n(1) In a partnership at will, the partnership's having notice from a partner, other than a\npartner who is dissociated under KRS 362.1-601(2) to (10), of that partner's express\nwill to withdraw as a partner, or on a later date specified by the partner;\n(2) In a partnership for a definite term or particular undertaking:\n(a) Within ninety (90) days after a partner's dissociation by death or otherwise\nunder KRS 362.1 -601(6) to (10) or wrongful dissociation under KRS 362.1 -\n602(2), the express will of at least half of the remaining partners to wind up\nthe partnership business, for which purpose a partner's rightful dissociation\npursuant to KRS 3 62.1-602(2)(b)1. constitutes the expression of that partner's\nwill to wind up the partnership business;\n(b) The express will of all of the partners to wind up the partnership business; or\n(c) The expiration of the term or the completion of the undertaking;\n(3) An event agreed to in the partnership agreement resulting in the winding up of the\npartnership business;\n(4) An event that makes it unlawful for all or substantially all of the business of the\npartnership to be continued, but a cure of illegality with in ninety (90) days after\nnotice to the partnership of the event is effective retroactively to the date of the\nevent for purposes of this section;\n(5) On application by a partner, a judicial determination that:\n(a) The economic purpose of the partnership i s likely to be unreasonably\nfrustrated;\n(b) Another partner has engaged in conduct relating to the partnership business\nwhich makes it not reasonably practicable to carry on the business in\npartnership with that partner; or\n(c) It is not otherwise reasonab ly practicable to carry on the partnership business\nin conformity with the partnership agreement; or\n(6) On application by a transferee of a partner's transferable interest, a judicial\ndetermination that it is equitable to wind up the partnership business:\n(a) After the expiration of the term or completion of the undertaking, if the\npartnership was for a definite term or particular undertaking at the time of the\ntransfer or entry of the charging order that gave rise to the transfer; or\n(b) At any time, if the partnership was a partnership at will at the time of the\ntransfer or entry of the charging order that gave rise to the transfer.","path":[],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=34503","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:58:57Z","sha256":"bcf03574e725ed224e4cc16549a5e2bfee93f1592bd2e1b383d1f621dde3236d","source_id":"us-ky","stale":false,"prev":"us-ky/krs-362.1-705","next":"us-ky/krs-362.1-802"},"notice":"GroundRules: Original legal text. Not legal advice."}