Partnership is dissolved:
1. By the efflux of time;
2. By the extinction or loss of the partnership property;
3. By the accomplishment of the business for which it was contracted;
4. By bankruptcy;
5. By the death of one of the partners;
6. By the institution of tutorship or curatorship in respect of one of the partners of full age;
6a. By the bankruptcy of one of the partners;
7. By the will of one or more of the partners not to continue the partnership, according to articles 1895 and 1896;
8. By the business of the partnership becoming impossible or unlawful.
The causes of dissolution set forth in subparagraphs 5, 6 and 7 of the first paragraph do not apply to limited partnerships.
Commercial partnerships are also terminated by judgment maintaining the seizure of a partner’s share.
However, a limited partnership is not terminated for any cause set out in paragraph 6a of the first paragraph or in the third paragraph if the other partners assume or a third person assumes the debt of the partner being the judgment debtor or bankrupt, up to such amount as allows sufficient property to remain to discharge the debts of the partnership.
1866 s. 1892; 1897, c. 50, s. 32; 1906, c. 38, s. 1, 2; 1978, c. 99, s. 2; 1989, c. 54, s. 115