the change in the relation of the partners caused by any partner ceasing to be associated in carrying on as distinguished from the winding up of the business of the partnership
winding up
is the process of settling the business or partnership affairs after dissolution
termination is that point in time when all partnership affairs are wound up or completed, and is the end of the partnership life
causes of dissolution
admission of a partner
withdrawal or retirement of a partner
death of a partner
incorporation of the partnership
total contributed capital
it is the sum of the capital balances of the old partners and the actual investment of the new partner
total agreed capital
it is the total capital of the partnership after considering the capital credits given to each off the partners
bonus
it is the amount of capital or equity transferred by one partner to another partner
capital credit
it is the equity of a partner in the new partnership
