This section is from the book "Elementary Banking", by John Franklin Ebersole. Also available from Amazon: Elementary Banking.
A partnership may be dissolved for many reasons and in many ways. The partners may agree to end the partnership. If the partnership was created for the performance of some specific act or acts it will be terminated by performance. If the partnership was to exist for only a specified period, it will be terminated when that time expires. Any partner may retire whenever he wishes, thus ending the partnership. Of course, since a partnership is a contractual relation, a partner thus retiring will be liable for damages to the other partners if the firm was to last a specified period and he withdraws before that period has expired. The death or permanent incapacity of one of the partners will terminate a partnership. A change in the law may cause the partnership to be dissolved. After dissolution no partner can act for the partnership, except to wind up its affairs or complete previous transactions.
 
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