When winding-up is complete, a partnership's legal existence is terminated.

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When winding-up is complete, a partnership's legal existence does indeed come to an end. This process involves settling all the partnership's debts and obligations, distributing any remaining assets among the partners (in accordance with their agreed-upon shares), and ensuring that all necessary paperwork and filings are completed with the relevant authorities. Once all of these steps have been taken and confirmed, the partnership is considered to be effectively dissolved and can no longer carry on its business activities or enter into new contracts or agreements.

When Winding-Up Is Complete, a Partnership's Legal Existence Is Terminated