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Dissolution

partnership contract legal winding

Act or process of dissolving; termination; winding up. In this sense it is frequently used in the phrase dissolution of a partnership.

The dissolution of a contract is its RESCISSION by the parties themselves or by a court that nullifies its binding force and reinstates each party to his or her original position prior to the contract.

The dissolution of a corporation is the termination of its existence as a legal entity. This might occur pursuant to a statute, the surrender or expiration of its charter, legal proceedings, or BANKRUPTCY.

In domestic relations law, the term dissolution refers to the ending of a marriage through DIVORCE.

The dissolution of a partnership is the end of the relationship that exists among the partners as a result of any partner discontinuing his or her involvement in the partnership, as distinguished from the winding up of the outstanding obligations of the business.

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