Gibson v. Gibson Family Ltd. Partnership
South Dakota Supreme Court
877 N.W.2d 597 (2016)
Relevant factsFree
Michael Gibson (plaintiff), a limited partner in the Gibson Family Limited Partnership (defendant) alongside his brother Greg, sued general partner Delores Gibson (defendant), alleging breach of fiduciary duty and seeking to dissociate from the partnership; the partnership agreement did not permit limited partners to dissociate, and Delores had no plans to dissolve or wind up the partnership. The circuit court denied Michael's dissociation request, and he appealed.
IssueFree
Whether, unless a partnership agreement states otherwise, a limited partner may dissociate from a limited partnership prior to the dissolution and winding up of the partnership.
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