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or Final Accounting Principles Governing the Winding up


PRINCIPLES GOVERNING THE WINDING UP, OR FINAL ACCOUNTING. The settlement of the final accounts of a firm should begin at the first of the joint dealings unless there has been periodical final settlements, and should end with the close of the partnership, unless some of the partners continue it without authority. Solvent partners may vol untarily close up the business, settle their accounts and divide the surplus. Where the firm is insolvent, the partners cannot agree, or conflicting claims arise, the intervention of a court of equity is necessary. Any partner may demand an accounting, but must not al low his claim to become stale through delay or ladles. (Bell v. Hudson, 73 Cal. 285.)