50-73.104 - Continuation of partnership beyond definite term or particular undertaking. - Virginia Statutes

§ 50-73.104. Continuation of partnership beyond definite term or particularundertaking.

A. If a partnership for a definite term or particular undertaking iscontinued, without an express agreement, after the expiration of the term orcompletion of the undertaking, the rights and duties of the partners remainthe same as they were at the expiration or completion, so far as isconsistent with a partnership at will.

B. If the partners, or those of them who habitually acted in the businessduring the term or undertaking, continue the business without any settlementor liquidation of the partnership, they are presumed to have agreed that thepartnership will continue.

(1996, c. 292.)