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Assuming that the dissolution is agreed to by both partners, one partner could buy the other partner's share for its fair market value. That would leave the partnership as solely owned by one person -- which, if the partnership were merely a name, then it would devolve into a sole proprietorship -- and if it were a legal entity, then the entity would survive intact.
If the dissolution is not agreed to, then one partner would have to petition the court to dissolve the partnership, and if necessary, sell the real property asset so as to distribute the partnership contributions and profits to the parties.
Hope this helps.
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