Sec. 34-373. Partnership continues after dissolution.
Sec. 34-373. Partnership continues after dissolution. (a) Subject to subsection
(b) of this section, 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.
(b) 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: (1) 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 (2) the rights of a third party accruing under subdivision (1) of section 34-375 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.
(P.A. 95-341, S. 40, 58.)
History: P.A. 95-341 effective July 1, 1997.