§ 59-62. Dissolution by decree of court. - North Carolina Statutes

§ 59‑62.  Dissolution bydecree of court.

(a)        On application byor for a partner the court shall decree a dissolution whenever:

(1)        A partner has beenadjudicated incompetent or is shown to be of unsound mind,

(2)        A partner becomes inany other way incapable of performing his part of the partnership contract,

(3)        A partner has beenguilty of such conduct as tends to affect prejudicially the carrying on of thebusiness,

(4)        A partner wilfullyor persistently commits a breach of the partnership agreement, or otherwise soconducts himself in matters relating to the partnership business that it is notreasonably practicable to carry on the business in partnership with him,

(5)        The business of thepartnership can only be carried on at a loss,

(6)        Other circumstancesrender a dissolution equitable.

(b)        On the applicationof the purchaser of a partner's interest under G.S. 59‑57 and 59‑58:

(1)        After thetermination of the specified term or particular undertaking,

(2)        At any time if thepartnership was a partnership at will when the interest was assigned or whenthe charging order was issued.

(c)        The name of aregistered limited liability partnership becomes available for use by anotherentity as provided in G.S. 55D‑21. (1941, c. 374, s. 32; 1985, c. 589, s. 29; 2001‑358,s. 41; 2001‑387, ss. 173, 175(a); 2001‑413, s. 6; 2001‑487,s. 107(b).)