Dissolution and winding up are required only in limited circumstances (e.g., event in agreement requiring winding up, business becomes illegal, issuance of a judicial decree, unanimous consent of the partners in a term partnership, expiration of a term partnership). Two circumstances are of particular importance:
1. In general, when a partner dissociates by express will in an at-will partnership, the partnership is dissolved and its business must be wound up.
2. In a term partnership, if one partner dissociates wrongfully, or if a dissociation occurs because of a partner's death or bankruptcy, dissolution and winding up of the partnership are required only if, within 90 days after the dissociation, one-half of the remaining partners agree to wind up the partnership.