{"data":{"id":"us-ky/krs-362.445","jurisdiction":"us-ky","citation":"KRS 362.445","heading":"Events of withdrawal of general partner.","body":"Except as approved by the specific written consent of all partners at the time, a person\nshall cease to be a general partner of a limited partnership upon the happening of any of\nthe following events:\n(1) The general partner withdraws from the limited part nership as provided in KRS\n362.463;\n(2) The general partner ceases to be a member of the limited partnership as provided in\nKRS 362.479;\n(3) The general partner is removed as a general partner in accordance with the\npartnership agreement;\n(4) Unless otherw ise provided in writing in the partnership agreement, the general\npartner:\n(a) Makes an assignment for the benefit of creditors;\n(b) Files a voluntary petition in bankruptcy;\n(c) Is adjudged a bankrupt or insolvent or has entered against him an order for any\nrelief in any bankruptcy or insolvency proceeding;\n(d) Files a petition or answer seeking for himself any reorganization, arrangement,\ncomposition, readjustment, liquidation, dissolution, or similar relief under any\nstatute, law, or regulation;\n(e) Files an answer or other pleading admitting or failing to contest the material\nallegations of a petition filed against him in any proceeding of this nature; or\n(f) Seeks, consents to, or acquiesces in the appointment of a trustee, receiver, or\nliquidator of th e general partner or of all or any substantial part of his\nproperties.\n(5) Unless otherwise provided in writing in the partnership agreement, one hundred\ntwenty (120) days after the commencement of any proceeding against the general\npartner seeking reorgan ization, arrangement, composition, readjustment,\nliquidation, dissolution, or similar relief under any statute, law, or regulation, if the\nproceeding has not been dismissed, or if within ninety (90) days after the\nappointment without the general partner's consent or acquiescence of a trustee,\nreceiver, or liquidator of the general partner or of all or any substantial part of the\ngeneral partner's properties, the appointment has not been vacated or stayed, or\nninety (90) days after the expiration of any such  stay, the appointment has not been\nvacated.\n(6) In the case of a general partner who is a natural person, his death or the entry of an\norder by a court of competent jurisdiction adjudicating him incompetent to manage\nhis person or his property.\n(7) In the case of a general partner who is acting as a general partner by virtue of being\na trustee of a trust, upon the termination of the trust, but not merely the substitution\nof a new trustee.\n(8) In the case of a general partner that is a separate partne rship, upon the dissolution\nand commencement of winding up of the separate partnership.\n(9) In the case of a general partner that is a corporation, upon the filing of a certificate\nof dissolution, or its equivalent, for the corporation or the revocation of  its\ncertificate of incorporation or its equivalent; or\n(10) In the case of a general partner that is an estate, upon the distribution by the\nfiduciary of the entire interest of the estate in the partnership.","path":["KRS Chapter 362"],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=34357","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:58:55Z","sha256":"a533d51a2569b2e096f5d7c92b283eda471698b9ebc55c3bfc5bd006a53f13f3","source_id":"us-ky","stale":false,"prev":"us-ky/krs-362.443","next":"us-ky/krs-362.447"},"notice":"GroundRules: Original legal text. Not legal advice."}