179.71 Nonjudicial dissolution. - Wisconsin Statutes

179.71

179.71 Nonjudicial dissolution. A limited partnership is dissolved and its affairs shall be wound up on the happening of the first of the following:

179.71(1)

(1) At the time specified in the certificate of limited partnership.

179.71(1m)

(1m) Upon the happening of events specified in writing in the partnership agreement, except as provided in s. 179.105 (2).

179.71(2)

(2) On the written consent of all partners.

179.71(3)

(3) An event of withdrawal of a general partner unless at the time there is at least one other general partner and the written provisions of the partnership agreement permit the business of the limited partnership to be carried on by the remaining general partner and that partner does so, but the limited partnership is not dissolved and is not required to be wound up by reason of any event of withdrawal if, within 90 days after the withdrawal, all partners agree in writing to continue the business of the limited partnership and to the appointment of one or more additional general partners if necessary or desired.

179.71(4)

(4) On the entry of an order of judicial dissolution under s. 179.72.

179.71 - ANNOT.

History: 1983 a. 173; 1989 a. 232.