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North Dakota Century Code Title 45. Partnerships § 45-20-02. Partnership continues after dissolution

Current as of January 01, 2024 | Updated by FindLaw Staff

1. Subject to subsection 2, a partnership continues after dissolution only for the purpose of winding up its business. The partnership is terminated when the winding up of its business is completed.

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

a. The partnership resumes carrying on its business as if dissolution had never occurred, and any liability incurred by the partnership or a partner after the dissolution and before the waiver is determined as if dissolution had never occurred; and

b. The rights of a third party accruing under subsection 1 of section 45-20-04 or arising out of conduct in reliance on the dissolution before the third party knew or received a notification of the waiver may not be adversely affected.

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Cite this article: FindLaw.com - North Dakota Century Code Title 45. Partnerships § 45-20-02. Partnership continues after dissolution - last updated January 01, 2024 | https://codes.findlaw.com/nd/title-45-partnerships/nd-cent-code-sect-45-20-02/

Read this complete North Dakota Century Code Title 45. Partnerships § 45-20-02. Partnership continues after dissolution on Westlaw

FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature or via Westlaw before relying on it for your legal needs.

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