25.10.571 - Nonjudicial dissolution. - Washington Statutes

Nonjudicial dissolution.

Except as otherwise provided in RCW 25.10.576, a limited partnership is dissolved, and its activities must be wound up, only upon the occurrence of any of the following:

     (1) The happening of an event specified in the partnership agreement;

     (2) The consent of all general partners and of limited partners owning a majority of the rights to receive distributions as limited partners at the time the consent is to be effective;

     (3) The passage of ninety days after the dissociation of a person as a general partner if following such dissociation the limited partnership does not have a remaining general partner unless before the end of the period:

     (a) Consent to continue the activities of the limited partnership and admit at least one general partner is given by limited partners owning a majority of the rights to receive distributions as limited partners at the time the consent is to be effective; and

     (b) At least one person is admitted as a general partner in accordance with the consent;

     (4) The passage of ninety days after the dissociation of the limited partnership's last limited partner, unless before the end of the period the limited partnership admits at least one limited partner; or

     (5) The signing and filing of a declaration of dissolution by the secretary of state under RCW 25.10.611(3).

[2009 c 188 § 801.]