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Partnership Dissolution
The formal termination of a partnership agreement, leading to the distribution of assets and settlement of debts among partners.
Partnership Debts
Financial obligations for which all partners in a business partnership are jointly and severally responsible, regardless of an individual partner's contribution to the debt.
Adjudicated Bankrupt
Adjudicated bankrupt refers to an individual or entity legally declared insolvent by a court, having their assets liquidated or reorganized to pay off creditors.
Operation of Law
Changes in rights or obligations that occur automatically due to legal rules, rather than the actions of a person or agreement.
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