When may a partner withdraw from a partnership? What may cause the dissolution of a partnership? What are the two steps necessary to terminate a partnership?

The partnership agreement may specify the duration of the partnership by indicating that the partnership will end on a certain date or on the occurrence of a certain event. It would be a breach of the partnership agreement for one partner to withdraw from the partnership before the specified date arrived or the specified event occurred. The withdrawing partner would be liable to the remaining partners for any related losses.
When an agreement does not specify the duration of the partnership, a partner is free to withdraw at any time without incurring liability to the remaining partners. Under the 1994 version of the UPA, withdrawal by a partner results in the dissolution (the formal disbanding) of the partnership (although a new partnership may arise among those who stay with the enterprise). Under the revised UPA, however, the withdrawal of a partner causes a partnership to be dissolved only if the withdrawal results in the breakup of the partnership itself and the business cannot continue.
The occurrence of certain events also results in partnership termination. The death or bankruptcy of a partner, for example, terminates the partnership.
Partnership termination is a two-step process. Dissolution is the first step in the process.
The second step is the winding up of partnership affairs. Once the firm is dissolved, it continues to exist legally until the process of winding up all business affairs (collecting and distributing the firm's assets) is complete.