Virginia § 50-73.111 Effect of partner's dissociation

Virginia Statutes

§ 50-73.111 — Effect of partner's dissociation

Virginia § 50-73.111

Title 50PARTNERSHIPS

Ch. 2.2VIRGINIA UNIFORM PARTNERSHIP ACT

Art. 6PARTNER'S DISSOCIATION

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Bluebook

Va. Code Ann. § 50-73.111 (2026).

Text

A.If a partner's dissociation results in a dissolution and winding up of the partnership business, Article 8 applies; otherwise, Article 7 applies.

B.Upon a partner's dissociation:

1.The partner's right to participate in the management and conduct of the partnership business terminates, except as otherwise provided in § 50-73.119;

2.The partner's duty of loyalty under subdivision B 3 of § 50-73.102 terminates; and

3.The partner's duty of loyalty under subdivisions B 1 and B 2 of § 50-73.102 and duty of care under subsection C of § 50-73.102 continue only with regard to matters arising and events occurring before the partner's dissociation, unless the partner participates in winding up the partnership's business pursuant to § 50-73.119.

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A. If a partner's dissociation results in a dissolution and winding up of the partnership business, Article 8 applies; otherwise, Article 7 applies.

B. Upon a partner's dissociation:

1. The partner's right to participate in the management and conduct of the partnership business terminates, except as otherwise provided in § 50-73.119;

2. The partner's duty of loyalty under subdivision B 3 of § 50-73.102 terminates; and

3. The partner's duty of loyalty under subdivisions B 1 and B 2 of § 50-73.102 and duty of care under subsection C of § 50-73.102 continue only with regard to matters arising and events occurring before the partner's dissociation, unless the partner participates in winding up the partnership's business pursuant to § 50-73.119.