56a-802. Partnership continues after dissolution. - Kansas Statutes

56a-802

Chapter 56a.--KANSAS UNIFORM PARTNERSHIP ACT Article 8.--WINDING UP PARTNERSHIP BUSINESS

      56a-802.   Partnership continues afterdissolution.(a) Subject to subsection (b), a partnershipcontinues after dissolution only for the purpose of winding up itsbusiness. The partnership is terminated when the winding up of itsbusiness is completed.

      (b)   At any time after the dissolution of a partnershipand before the winding up of its business is completed, all of thepartners, including any dissociating partner other than awrongfully dissociating partner, may waive the right to have thepartnership's business wound up and the partnership terminated. Inthat event:

      (1)   The partnership resumes carrying on its businessas if dissolution had never occurred, and any liability incurred bythe partnership or a partner after the dissolution and before thewaiver is determined as if dissolution had never occurred; and

      (2)   the rights of a third party accruing undersubsection (a) of K.S.A. 56a-804 or arising out of conduct inreliance on thedissolution before the third party knew or received a notificationof the waiver may not be adversely affected.

      History:   L. 1998, ch. 93, § 39; Jan. 1, 1999.