{"data":{"id":"us-me/31-m.r.s.-1081","jurisdiction":"us-me","citation":"31 M.R.S. §1081","heading":"Events causing dissolution and winding up of partnership business","body":"A partnership is dissolved, and its business must be wound up, only upon the occurrence of any of the following events:\n1.  Notice of express will to withdraw.  In a partnership at will, the partnership's having notice from a partner, other than a partner who is dissociated under section 1061, subsections 2 to 10, of that partner's express will to withdraw as a partner, or on a later date specified by the partner;\n2.  Dissolution before expiration of term.  In a partnership for a definite term or particular undertaking:\nA.  Within 90 days after a partner's dissociation by death or otherwise under, section 1061, subsections 6 to 10 or wrongful dissociation under section 1062, subsection 2, the express will of at least 1/2 of the remaining partners to wind up the partnership business, for which purpose a partner's rightful dissociation pursuant to section 1062, subsection 2, paragraph B, subparagraph (1) constitutes the expression of that partner's will to wind up the partnership business;\nB.  The express will of all of the partners to wind up the partnership business; or\nC.  The expiration of the term or the completion of the undertaking;\n3.  Event in partnership agreement.  An event agreed to in the partnership agreement resulting in the winding up of the partnership business;\n4.  Unlawful continuation; cure.  An event that makes it unlawful for all or substantially all of the business of the partnership to be continued, but a cure of illegality within 90 days after notice to the partnership of the event is effective retroactively to the date of the event for purposes of this section;\n5.  Judicial determination; application by partner.  On application by a partner, a judicial determination that:\nA.  The economic purpose of the partnership is likely to be unreasonably frustrated;\nB.  Another partner has engaged in conduct relating to the partnership business that makes it not reasonably practicable to carry on the business in partnership with that partner; or\nC.  It is not otherwise reasonably practicable to carry on the partnership business in conformity with the partnership agreement; or\n6.  Judicial determination; application by transferee.  On application by a transferee of a partner's transferable interest, a judicial determination that it is equitable to wind up the partnership business:\nA.  After the expiration of the term or completion of the undertaking, if the partnership was for a definite term or particular undertaking at the time of the transfer or entry of the charging order that gave rise to the transfer; or\nB.  At any time, if the partnership was a partnership at will at the time of the transfer or entry of the charging order that gave rise to the transfer.","path":["TITLE 31: PARTNERSHIPS AND ASSOCIATIONS","CHAPTER 17: UNIFORM PARTNERSHIP ACT","SUBCHAPTER 8: WINDING UP PARTNERSHIP BUSINESS"],"source_url":"https://legislature.maine.gov/statutes/31/title31sec1081.html","current_through":"October 1, 2025","vintage":"","retrieved_at":"2026-09-04T15:12:37Z","sha256":"a950a9529f286a0bf23c87c0bcc8e62ead7b296be6cf1882cc472c8a4652cf72","source_id":"us-me","stale":false,"prev":"us-me/31-m.r.s.-1075","next":"us-me/31-m.r.s.-1082"},"notice":"GroundRules: Original legal text. Not legal advice."}