those that compile contributor or a third the core activity person. of the partnership. If this rule is violated, the partnership has the right to demand compensation from a participant for the losses incurred or benefits obtained from such transactions. Article 74. Article 89. Article 94. Article 121. 1. Business A full partnership 1. A limited partnership A cooperative may be voluntarily partnerships and may be liquidated shall be liquidated upon reorganized or liquidated by companies may on the bases the exit of all decision of the general meeting of be transformed indicated in contributors its members. into business Article 67 of the participating in it. partnerships and present Code and Meanwhile, the general companies of also in the case partners shall have the another type by when a single alternative right to decision of the participant avoid the liquidation by general meeting remains in the transforming the limited of participants by partnership. Such partnership into a full the procedure a participant shall partnership. established by the have the right However, a limited present Code. within six months partnership shall be 2. After from the time maintained if at least transformation of when he became one general partner and a partnership into the sole one contributor remains a company, each participant in the in it. general partner partnership to 2. Upon liquidation of a that has become a transform such a limited partnership, participant (or partnership into a including in case of stockholder) of business company bankruptcy, the the company shall by the procedure contributors shall have bear for two years established by the a priority right ahead of subsidiary present Code. the general partners to liability with all receipt of their his property for contributions from the obligations that property of the have passed to the partnership remaining company from the after satisfaction of the partnership. The claims of its creditors. dismissal by the
those that compile the core activity of the partnership. If this rule is violated, the partnership has the right to demand compensation from a participant for the losses incurred or benefits obtained from such transactions. contributor or a third person. Article 74. 1. Business partnerships and companies may be transformed into business partnerships and companies of another type by decision of the general meeting of participants by the procedure established by the present Code. 2. After transformation of a partnership into a company, each general partner that has become a participant (or stockholder) of the company shall bear for two years subsidiary liability with all his property for obligations that have passed to the company from the partnership. The dismissal by the Article 89. A full partnership may be liquidated on the bases indicated in Article 67 of the present Code and also in the case when a single participant remains in the partnership. Such a participant shall have the right within six months from the time when he became the sole participant in the partnership to transform such a partnership into a business company by the procedure established by the present Code. Article 94. 1. A limited partnership shall be liquidated upon the exit of all contributors participating in it. Meanwhile, the general partners shall have the alternative right to avoid the liquidation by transforming the limited partnership into a full partnership. However, a limited partnership shall be maintained if at least one general partner and one contributor remains in it. 2. Upon liquidation of a limited partnership, including in case of bankruptcy, the contributors shall have a priority right ahead of the general partners to receipt of their contributions from the property of the partnership remaining after satisfaction of the claims of its creditors. Article 121. A cooperative may be voluntarily reorganized or liquidated by decision of the general meeting of its members.
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