§ 486A.802 — Partnership continues after dissolution

Iowa § 486A.802

• Jurisdiction: Iowa
• Title XII: BUSINESS ENTITIES
• Ch. 486A: UNIFORM PARTNERSHIP ACT

Text

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
wrongfullydissociatingpartner,maywaivetherighttohavethepartnership’sbusinesswound
up and the partnership terminated. In that event all of the following apply:
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.
b. The rights of a third party accruing under section 486A.804, subsection 1, or arising out
of conduct in reliance on the dissolution before the third party knew or received a notification
of the waiver shall not be adversely affected.