Creel v. Lilly

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Revision as of 13:14, 22 September 2010 by ::ffff:165:123:99:44 (talk) (Created page with '= Facts = The just husband of the plaintiff entered a partnership with defendants. The husband died and the defendants continued operating the partnership. The plaintiff would …')
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Facts

The just husband of the plaintiff entered a partnership with defendants. The husband died and the defendants continued operating the partnership. The plaintiff would like the partnership liquidated while the defendants believe they should be able to just buy out the plaintiff.

Issue

Does a partnership have to be liquidated on dissolution if one of the partners requests that it be?

Discussion

Under UPA is likely would have to be liquidated because UPA takes a "aggregate theory" towards partnerships. RUPA, takes the view that liquidation is costly and that if one person requests liquidation, this is not enough to require it ("entity theory" to partnership).