{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/50-73.118.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/50-73.118.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/50-73.118.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/50-73.118.html"}],"law_id":78826,"edition_id":1,"section_id":78826,"structure_id":14608,"section_number":"50-73.118","catch_line":"Partnership continues after dissolution","history":"1996, c. 292.","full_text":"A\n\nSubject to subsection B, 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\n\nAt 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\n\nThe 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; and2\n\nThe rights of a third party accruing under subdivision 1 of § 50-73.120 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.","order_by":null,"text":{"0":{"id":282359,"text":"Subject to subsection B, 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.","type":"section","prefixes":["A"],"prefix":"A","entire_prefix":"A","prefix_anchor":"A","level":1,"next_prefix":"B"},"1":{"id":282360,"text":"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:","type":"section","prefixes":["B"],"prefix":"B","entire_prefix":"B","prefix_anchor":"B","level":1,"prior_prefix":"A","next_prefix":"B1"},"2":{"id":282361,"text":"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","type":"section","prefixes":["B","1"],"prefix":"1","entire_prefix":"B1","prefix_anchor":"B1","level":2,"prior_prefix":"B","next_prefix":"B2"},"3":{"id":282362,"text":"The rights of a third party accruing under subdivision 1 of § 50-73.120 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.","type":"section","prefixes":["B","2"],"prefix":"2","entire_prefix":"B2","prefix_anchor":"B2","level":2,"prior_prefix":"B1"}},"ancestry":[{"id":14608,"edition_id":1,"name":"Winding up Partnership Business","identifier":"8","label":"article","depth":3,"order_by":1,"parent_id":12958,"metadata":{},"date_created":"2026-06-26 03:48:52","date_modified":"2026-06-26 03:48:52","permalink":{"id":234889,"object_type":"structure","relational_id":14608,"identifier":"8","token":"50\/2.2\/8","url":"\/50\/2.2\/8\/","edition_id":1,"permalink":0,"preferred":1}},{"id":12958,"edition_id":1,"name":"Virginia Uniform Partnership Act","identifier":"2.2","label":"chapter","depth":2,"order_by":1,"parent_id":12957,"metadata":{},"date_created":"2026-06-26 03:44:04","date_modified":"2026-06-26 03:44:04","permalink":{"id":234691,"object_type":"structure","relational_id":12958,"identifier":"2.2","token":"50\/2.2","url":"\/50\/2.2\/","edition_id":1,"permalink":0,"preferred":1}},{"id":12957,"edition_id":1,"name":"Partnerships","identifier":"50","label":"title","depth":1,"order_by":1,"parent_id":null,"metadata":{},"date_created":"2026-06-26 03:44:04","date_modified":"2026-06-26 03:44:04","permalink":{"id":234229,"object_type":"structure","relational_id":12957,"identifier":"50","token":"50","url":"\/50\/","edition_id":1,"permalink":0,"preferred":1}}],"structure_contents":[{"id":56128,"structure_id":14608,"section_number":"50-73.117","catch_line":"Events causing dissolution and winding up of partnership business","url":"\/50-73.117\/","token":"50\/2.2\/8\/50-73.117","metadata":false},{"id":78826,"structure_id":14608,"section_number":"50-73.118","catch_line":"Partnership continues after dissolution","url":"\/50-73.118\/","token":"50\/2.2\/8\/50-73.118","metadata":false},{"id":69069,"structure_id":14608,"section_number":"50-73.119","catch_line":"Right to wind up partnership business","url":"\/50-73.119\/","token":"50\/2.2\/8\/50-73.119","metadata":false},{"id":76746,"structure_id":14608,"section_number":"50-73.120","catch_line":"Partner's power to bind partnership after dissolution","url":"\/50-73.120\/","token":"50\/2.2\/8\/50-73.120","metadata":false},{"id":61925,"structure_id":14608,"section_number":"50-73.121","catch_line":"Statement of dissolution","url":"\/50-73.121\/","token":"50\/2.2\/8\/50-73.121","metadata":false},{"id":63810,"structure_id":14608,"section_number":"50-73.122","catch_line":"Partner's liability to other partners after dissolution","url":"\/50-73.122\/","token":"50\/2.2\/8\/50-73.122","metadata":false},{"id":78618,"structure_id":14608,"section_number":"50-73.123","catch_line":"Settlement of accounts and contributions among partners","url":"\/50-73.123\/","token":"50\/2.2\/8\/50-73.123","metadata":false}],"previous_section":{"id":56128,"structure_id":14608,"section_number":"50-73.117","catch_line":"Events causing dissolution and winding up of partnership business","url":"\/50-73.117\/","token":"50\/2.2\/8\/50-73.117","metadata":false},"next_section":{"id":69069,"structure_id":14608,"section_number":"50-73.119","catch_line":"Right to wind up partnership business","url":"\/50-73.119\/","token":"50\/2.2\/8\/50-73.119","metadata":false},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/50-73.118\/","history_text":"

This law was first created in 1996. The record of its establishment is cataloged in chapter 292<\/a> of that year\u2019s edition of \u201cActs of Assembly,\u201d the annual state publication listing all changes made to the Code of Virginia in that year.<\/p>","references":false,"refers_to":[{"id":76746,"section_number":"50-73.120","catch_line":"Partner's power to bind partnership after dissolution","order_by":null,"url":"\/50-73.120\/"}],"permalink":{"id":234895,"object_type":"law","relational_id":78826,"identifier":"50-73.118","token":"50\/2.2\/8\/50-73.118","url":"\/50-73.118\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/50-73.118\/","token":"50\/2.2\/8\/50-73.118","dublin_core":{"Title":"Partnership continues after dissolution","Type":"Text","Format":"text\/html","Identifier":"\u00a7 50-73.118","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

A.<\/span> Subject to subsection B, a partnership<\/span> continues after dissolution only for the purpose of winding up its business<\/span>. The partnership<\/span> is terminated when the winding up of its business<\/span> is completed. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

B.<\/span> At any time after the dissolution of a partnership<\/span> and before the winding up of its business<\/span> is completed, all of the partners, including any dissociating partner other than a wrongfully dissociating partner, may waive<\/span> the right to have the partnership<\/span>’s business<\/span> wound up and the partnership<\/span> terminated. In that event: <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

1.<\/span> The partnership<\/span> resumes carrying on its business<\/span> as if dissolution had never occurred, and any liability incurred by the partnership<\/span> or a partner after the dissolution and before the waiver<\/span> is determined as if dissolution had never occurred; and <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

2.<\/span> The rights of a third party<\/span> accruing under subdivision 1 of § 50-73.120<\/a> or arising out of conduct in reliance on the dissolution before the third party<\/span> knew or received a notification of the waiver<\/span> may not be adversely affected. <\/i><\/a><\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nPARTNERSHIP CONTINUES AFTER DISSOLUTION (\u00a7 50-73.118)\n\nA. Subject to subsection B, a partnership continues after dissolution only for\nthe purpose of winding up its business. The partnership is terminated when the\nwinding up of its business is completed.\n\nB. At any time after the dissolution of a partnership and before the winding up\nof its business is completed, all of the partners, including any dissociating\npartner other than a wrongfully dissociating partner, may waive the right to\nhave the partnership’s business wound up and the partnership terminated.\nIn that event:\n\n 1. The partnership resumes carrying on its business as if dissolution had\n never occurred, and any liability incurred by the partnership or a partner\n after the dissolution and before the waiver is determined as if dissolution\n had never occurred; and\n\n 2. The rights of a third party accruing under subdivision 1 of §\n 50-73.120 or arising out of conduct in reliance on the dissolution before the\n third party knew or received a notification of the waiver may not be adversely\n affected.\n\nHISTORY: 1996, c. 292.","edition":{"id":1,"name":"2025","slug":"2025","date_created":"2026-06-21 22:39:22","date_modified":"2026-06-21 22:39:22","current":1,"order_by":1,"last_import":null}}