Ohio § 1776.55 Dissociated partner's power to bind and liability to partnership

Ohio Statutes

§ 1776.55 — Dissociated partner's power to bind and liability to partnership

Ohio § 1776.55

Title 17Corporations-Partnerships

Ch. 1776Ohio Uniform Partnership Act

This text of Ohio § 1776.55 (Dissociated partner's power to bind and liability to partnership) is published on Counsel Stack Legal Research, covering Ohio primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Ohio Rev. Code Ann. § 1776.55 (2026).

Text

(A)For two years after a partner dissociates without resulting in a dissolution and winding up of the partnership business, the partnership, including a surviving partnership under section1776.68of the Revised Code, is bound by any act of the dissociated partner that would have bound the partnership under section1776.31of the Revised Code before dissociation only if, at the time of entering into the transaction all of the following were true:

(1)The other party reasonably believed that the dissociated partner was then a partner.

(2)The other party did not have notice of the partner's dissociation.

(3)The other party is not deemed to have had knowledge under division (E) of section1776.33of the Revised Code or notice under division (C) of section1776.57of the Revised Code.

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(A) For two years after a partner dissociates without resulting in a dissolution and winding up of the partnership business, the partnership, including a surviving partnership under section1776.68of the Revised Code, is bound by any act of the dissociated partner that would have bound the partnership under section1776.31of the Revised Code before dissociation only if, at the time of entering into the transaction all of the following were true:

(1) The other party reasonably believed that the dissociated partner was then a partner.

(2) The other party did not have notice of the partner's dissociation.

(3) The other party is not deemed to have had knowledge under division (E) of section1776.33of the Revised Code or notice under division (C) of section1776.57of the Revised Code.

(B) A dissociated partner is liable to the partnership for any damage caused to the partnership arising from an obligation incurred by the dissociated partner after dissociation for which the partnership is liable under division (A) of this section.