Explain the three ways for the dissolution of a limited partnership to occur under the ULPA (2001).
What will be an ideal response?
The following events can cause the dissolution of a limited partnership:
1. The happening of an event specified in the limited partnership agreement (e.g., the specified undertaking of the limited partnership has been completed or accomplished).
2. The consent of all general partners and the consent of the limited partners who own the majority of the rights to receive distributions.
3. After withdrawal of a general partner, the partners owning a majority of the rights to receive distributions as partners consent to dissolve the partnership.
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