§ 7-12-43 - Dissolution by decree of court. - Rhode Island Statutes

SECTION 7-12-43

   § 7-12-43  Dissolution by decree of court.– (a) On application by or for a partner, the court shall decree a dissolutionwhenever:

   (1) A partner has been declared mentally incompetent in anyjudicial proceeding or is shown to be of unsound mind;

   (2) A partner becomes in any other way incapable ofperforming his or her part of the partnership contract;

   (3) A partner has been guilty of any conduct that tends toaffect prejudicially the carrying on of the business;

   (4) A partner willfully or persistently commits a breach ofthe partnership agreement, or otherwise so conducts him or herself in mattersrelating to the partnership business that it is not reasonably practicable tocarry on the business in partnership with him or her;

   (5) The business of the partnership can only be carried on ata loss;

   (6) Other circumstances render a dissolution equitable.

   (b) On the application of the purchaser of a partner'sinterest under §§ 7-12-38 and 7-12-39, the court shall decree adissolution:

   (1) After the termination of the specified term or particularundertaking;

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