§ 45-20-02 — (802) Partnership continues after dissolution

North Dakota § 45-20-02

• Jurisdiction: North Dakota
• Title 45: Partnerships
• Ch. 45-20: Winding Up Partnership Business

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 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.