Nebraska Revised Statutes
Chapter 67 - Partnerships
67-439 - Events causing dissolution and winding up of partnership business.

67-439. Events causing dissolution and winding up of partnership business.
A partnership is dissolved, and its business must be wound up, only upon the occurrence of any of the following events:
(1) In a partnership at will, the partnership's having notice from a partner, other than a partner who is dissociated under subdivisions (2) through (10) of section 67-431, of that partner's express will to withdraw as a partner, or on a later date specified by the partner;
(2) In a partnership for a definite term or particular undertaking:
(a) Within ninety days after a partner's dissociation by death or otherwise under subdivisions (6) through (10) of section 67-431 or wrongful dissociation under subsection (2) of section 67-432, the express will of at least a majority of the remaining partners to wind up the partnership business, for which purpose a partner's rightful dissociation pursuant to subdivision (2)(b)(i) of section 67-432 constitutes the expression of that partner's will to wind up the partnership business;
(b) The express will of all of the partners to wind up the partnership business; or
(c) The expiration of the term or the completion of the undertaking;
(3) An event agreed to in the partnership agreement resulting in the winding up of the partnership business;
(4) 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 ninety days after notice to the partnership of the event is effective retroactively to the date of the event for purposes of this section;
(5) On application by a partner, a judicial determination that:
(a) The economic purpose of the partnership is likely to be unreasonably frustrated;
(b) Another partner has engaged in conduct relating to the partnership business which makes it not reasonably practicable to carry on the business in partnership with that partner; or
(c) It is not otherwise reasonably practicable to carry on the partnership business in conformity with the partnership agreement; or
(6) On application by a transferee of a partner's transferable interest, a judicial determination that it is equitable to wind up the partnership business:
(a) 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
(b) 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.
Source

Annotations

When grounds for both dissociation and dissolution of a partnership exist, a court may exercise its discretion to determine the appropriate remedy. Robertson v. Jacobs Cattle Co., 285 Neb. 859, 830 N.W.2d 191 (2013).


Dissolution of a partnership for a partner's voluntary withdrawal under subsection (1) of this section is a default rule that applies only when the partnership agreement does not provide for the partnership business to continue. Shoemaker v. Shoemaker, 275 Neb. 112, 745 N.W.2d 299 (2008).


The 1998 Uniform Partnership Act does not require remaining partners to strictly comply with a buyout provision in a partnership agreement to prevent dissolution upon the voluntary withdrawal of a partner; strict compliance is inconsistent with the act's provision of remedies for the withdrawing partner. Shoemaker v. Shoemaker, 275 Neb. 112, 745 N.W.2d 299 (2008).

Structure Nebraska Revised Statutes

Nebraska Revised Statutes

Chapter 67 - Partnerships

67-233 - Terms, defined.

67-234 - Limited partnership name.

67-235 - Reservation of name.

67-236 - Specified office and agent.

67-237.01 - Written partnership agreement; admission of limited partner; assignment of interest; signatures.

67-238 - Nature of business.

67-239 - Partner; transactions with partnership.

67-239.01 - Partnership; indemnification authorized.

67-240 - Certificate of limited partnership; contents; filing.

67-241 - Amendments to certificate; restated certificate.

67-242 - Cancellation of certificate.

67-243 - Certificates; signature; execution.

67-244 - Certificate or agreement; execution or filing by judicial act.

67-245 - Filing in office of Secretary of State; facsimile signature.

67-246 - Liability for false statement in certificate; general partner; failure to file; liability.

67-247 - Filing of certificate; effect.

67-248 - Delivery of certificate to limited partner.

67-248.01 - Restated certificate.

67-248.02 - Merger or consolidation; procedure; effect.

67-249 - Admission of additional limited partners.

67-250 - Partnership agreement; classes or groups of limited partners; voting rights specified.

67-251 - Limited partner; liability to third parties.

67-252 - Persons erroneously believing themselves limited partners; liability.

67-253 - Limited partner; rights; general partner; rights; records.

67-254 - Admission of additional general partners.

67-255 - General partner; status; termination; when.

67-256 - General partners; powers and liabilities.

67-257 - Contributions by a general partner; powers and liabilities.

67-258 - Partnership agreement; classes or groups of general partners; voting rights specified.

67-259 - Form of contribution.

67-260 - Liability for contributions.

67-261 - Profits and losses; allocation.

67-262 - Distributions of assets.

67-263 - Distributions before withdrawal and dissolution.

67-264 - Withdrawal of general partner.

67-265 - Withdrawal of limited partner.

67-266 - Distribution upon withdrawal.

67-267 - Distribution in kind; limitation.

67-268 - Right to distribution; remedies; record date.

67-269 - Limitations on distributions.

67-270 - Unlawful distribution; liability.

67-271 - Partnership interest; personal property; interest in property.

67-272 - Assignment of partnership interest.

67-273 - Rights of judgment creditor of a partner.

67-274 - Assignee becoming limited partner; rights and liabilities.

67-275 - Partner's executor or legal representative; exercise of powers.

67-276 - Dissolution; when.

67-277 - Judicial dissolution.

67-278 - Dissolution; right to wind up partnership affairs; powers.

67-279 - Dissolution; distribution of assets.

67-280 - Foreign limited partnership; law governing.

67-281 - Foreign limited partnership; registration; contents.

67-282 - Issuance of registration.

67-283 - Foreign limited partnership; name; agent.

67-284 - Application for registration; amendments.

67-285 - Cancellation of registration; effect.

67-286 - Transaction of business without registration; effect.

67-286.01 - Foreign limited partnerships; sections applicable.

67-287 - Action by Attorney General.

67-288 - Limited partner; assignee; right of action.

67-289 - Derivative action; proper plaintiff.

67-290 - Derivative action; complaint; requirements.

67-291 - Derivative action; expenses; attorney's fees.

67-293 - Filing fees; disposition.

67-294 - Uniform Partnership Act of 1998; applicability.

67-295 - Act, how construed.

67-296 - Act, how cited.

67-297 - Conversion; plan.

67-298 - Conversion; articles of conversion.

67-299 - Effect of conversion.

67-2,100 - Existing conversion; effect.

67-401 - Act, how cited.

67-402 - Terms, defined.

67-403 - Knowledge and notice.

67-404 - Effect of partnership agreement; nonwaivable provisions.

67-405 - Supplemental principles of law.

67-406 - Execution, filing, and recording of statements.

67-407 - Governing law.

67-408 - Partnership subject to amendment or repeal of act.

67-409 - Partnership as entity; limited liability partnership; treatment.

67-410 - Formation of partnership.

67-411 - Partnership property.

67-412 - When property is partnership property.

67-413 - Partner agent of partnership.

67-414 - Transfer of partnership property.

67-415 - Statement of partnership authority.

67-416 - Statement of denial.

67-417 - Partnership liable for partner's actionable conduct.

67-418 - Partner's liability.

67-419 - Actions by and against partnership and partners.

67-420 - Liability of purported partner.

67-421 - Partner's rights and duties.

67-422 - Distributions in kind.

67-423 - Partner's rights and duties with respect to information.

67-424 - General standards of partner's conduct.

67-425 - Actions by partnership and partners.

67-426 - Continuation of partnership beyond definite term or particular undertaking.

67-427 - Partner not co-owner of partnership property.

67-428 - Partner's transferable interest in partnership.

67-429 - Transfer of partner's transferable interest.

67-430 - Partner's transferable interest subject to charging order.

67-431 - Events causing partner's dissociation.

67-432 - Partner's power to dissociate; wrongful dissociation.

67-433 - Effect of partner's dissociation.

67-434 - Purchase of dissociated partner's interest.

67-435 - Dissociated partner's power to bind and liability to partnership.

67-436 - Dissociated partner's liability to other persons.

67-437 - Statement of dissociation.

67-438 - Continued use of partnership name.

67-439 - Events causing dissolution and winding up of partnership business.

67-440 - Partnership continues after dissolution.

67-441 - Right to wind up partnership business.

67-442 - Partner's power to bind partnership after dissolution.

67-443 - Statement of dissolution.

67-444 - Partner's liability to other partners after dissolution.

67-445 - Settlement of accounts and contributions among partners.

67-446 - Terms, defined.

67-447 - Conversion of partnership to limited partnership.

67-448 - Conversion of limited partnership to partnership.

67-448.01 - Domestic partnership; conversion into domestic limited liability company or foreign limited liability company; procedure; notice to holder of security interest.

67-448.02 - Domestic limited liability partnership; conversion into domestic limited liability company or foreign limited liability company; procedure; notice to holder of security interest.

67-449 - Effect of conversion; entity unchanged.

67-450 - Merger of partnerships.

67-451 - Effect of merger.

67-452 - Statement of merger.

67-453 - Nonexclusive.

67-454 - Statement of qualification; limited liability partnership engaged in practice of law; requirements.

67-455 - Name.

67-456 - Annual report; certificate of authority.

67-457 - Law governing foreign limited liability partnership.

67-458 - Statement of foreign qualification; foreign limited liability partnership engaged in practice of law; requirements.

67-459 - Effect of failure to qualify.

67-460 - Activities not constituting transacting business.

67-461 - Action by Attorney General.

67-462 - Fees.

67-463 - Uniformity of application and construction.

67-464 - Partnerships; applicability of act.

67-465 - Limited liability partnership; applicability of act.

67-467 - Savings clause.