Partnership Law Act 2019

Financial reporting, dissolution of partnership, and other miscellaneous provisions - End of partnership - Dissolving a partnership

82: Rules for distributing assets on final settlement of accounts

You could also call this:

"How to share things when a business team breaks up"

When a partnership ends, there are rules for how to divide up the things the partners own together. These rules are found in sections 83 and 84 of the law. You use these rules when you're sorting out the final money and property matters between the partners.

However, it's important to know that the partners can make their own agreement about how to divide things up. If they do this, their agreement will be followed instead of the rules in sections 83 and 84.

So, when a partnership is ending, you first check if the partners have made their own agreement about dividing things up. If they haven't, then you use the rules in sections 83 and 84 to figure out how to share everything fairly.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=LMS206102.


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Part 4Financial reporting, dissolution of partnership, and other miscellaneous provisions
End of partnership: Dissolving a partnership

82Rules for distributing assets on final settlement of accounts

  1. Sections 83 and 84 apply in settling accounts between the partners after a partnership is dissolved.

  2. This section and sections 83 and 84 are subject to any agreement to the contrary.

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