50-73.118 - Partnership continues after dissolution. - Virginia Statutes

§ 50-73.118. Partnership continues after dissolution.

A. Subject to subsection B, a partnership continues after dissolution onlyfor the purpose of winding up its business. The partnership is terminatedwhen the winding up of its business is completed.

B. At any time after the dissolution of a partnership and before the windingup of its business is completed, all of the partners, including anydissociating partner other than a wrongfully dissociating partner, may waivethe right to have the partnership's business wound up and the partnershipterminated. In that event:

1. The partnership resumes carrying on its business as if dissolution hadnever occurred, and any liability incurred by the partnership or a partnerafter the dissolution and before the waiver is determined as if dissolutionhad never occurred; and

2. The rights of a third party accruing under subdivision 1 of § 50-73.120 orarising out of conduct in reliance on the dissolution before the third partyknew or received a notification of the waiver may not be adversely affected.

(1996, c. 292.)