CODE OF VIRGINIA

STATEMENT OF DISSOLUTION (§ 50-73.121)

A. After dissolution, a partner who has not wrongfully dissociated may file a
statement of dissolution for a partnership that has filed a statement of
partnership authority that has not been canceled stating the name of the
partnership, the identification number issued by the Commission to the
partnership, and that the partnership has dissolved and is winding up its
business.

B. A statement of dissolution cancels a filed statement of partnership authority
for the purposes of subsection D of § 50-73.93 and is a limitation on authority
for the purposes of subsection E of § 50-73.93.

C. For the purposes of §§ 50-73.91 and 50-73.120, a person not a partner is
deemed to have notice of the dissolution and the limitation on the
partners’ authority as a result of the statement of dissolution 90 days
after it is filed.

D. After filing and, if appropriate, recording a statement of dissolution, a
dissolved partnership may file and, if appropriate, record a statement of
partnership authority which will operate with respect to a person not a partner
as provided in subsections D and E of § 50-73.93 in any transaction, whether or
not the transaction is appropriate for winding up the partnership business.

HISTORY: 1996, c. 292; 2003, c. 567.