8354 - Dissolution by decree of court. - Pennsylvania Statutes

§ 8354. Dissolution by decree of court. (a) General rule.--On application by or for a partner, the court shall decree a dissolution whenever: (1) A partner has been declared a lunatic in any judicial proceeding or is shown to be of unsound mind. (2) A partner becomes in any other way incapable of performing his part of the partnership contract. (3) A partner has been guilty of such conduct as tends to affect prejudicially the carrying on of the business. (4) A partner willfully or persistently commits a breach of the partnership agreement or otherwise so conducts himself in matters relating to the partnership business that it is not reasonably practicable to carry on the business in partnership with him. (5) The business of the partnership can only be carried on at a loss. (6) Other circumstances render a dissolution equitable. (b) Right of purchaser of interest.--On the application of the purchaser of the interest of a partner under section 8344 (relating to assignment of interest of partner) or 8345 (relating to interest of partner subject to charging order), the court shall decree a dissolution: (1) After the termination of the specified term or particular undertaking. (2) At any time if the partnership was a partnership at will when the interest was assigned or when the charging order was issued. Cross References. Section 8354 is referred to in section 8353 of this title.