In fact, all of the listed circumstances have the effect, in law, of ending a partnership except:
- a failure by the partnership to make a profit in any year of operation;
- the death or bankruptcy of a partner unless the partners have agreed otherwise.
When a partnership is dissolved, the partners retain their powers for the purpose of winding up the partnership affairs. The partnership assets are used to pay the partnership debts and discharge the liabilities. Any remaining liability or property is distributed between the partners.