(a) If a partner's dissociation results in a dissolution and winding up of the partnership business, § 4-46-801 et seq. applies; otherwise, § 4-46-701 et seq. applies.(b) Upon a partner's dissociation:(1) the partner's right to participate in the management and conduct of the partnership business terminates, except as otherwise provided in § 4-46-803;(2) the partner's duty of loyalty under § 4-46-404(b)(3) terminates; and(3) the partner's duty of loyalty under § 4-46-404(b)(1) and (2) and duty of care under § 4-46-404(c) continue only with regard to matters arising and events occurring before the partner's dissociation, unless the partner participates in winding up the partnership's business pursuant to § 4-46-803.Acts 1999, No. 1518, § 603.
Arkansas Legal Code