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<law><site_title>Virginia Decoded</site_title><site_url>https://vacode.org</site_url><law_id>61925</law_id><section_number>50-73.121</section_number><catch_line>Statement of dissolution</catch_line><edition url="https://vacode.org/2025/" slug="2025" current="TRUE" last_updated="">2025</edition><referred_to_by><reference>50-73.120</reference><reference>50-73.136</reference><reference>50-73.79</reference><reference>50-73.93</reference></referred_to_by><structure><unit label="title" level="1" order_by="1" identifier="50">Partnerships</unit><unit label="chapter" level="2" order_by="1" identifier="2.2">Virginia Uniform Partnership Act</unit><unit label="article" level="3" order_by="1" identifier="8">Winding up Partnership Business</unit></structure><text>
						<section id="A"><p><span class="prefix-number">A.</span> After dissolution, a partner who has not wrongfully dissociated may file a <span class="dictionary">statement</span> of dissolution for a <span class="dictionary">partnership</span> that has filed a <span class="dictionary">statement</span> of <span class="dictionary">partnership</span> authority that has not been canceled stating the name of the <span class="dictionary">partnership</span>, the identification number issued by the <span class="dictionary">Commission</span> to the <span class="dictionary">partnership</span>, and that the <span class="dictionary">partnership</span> has dissolved and is winding up its <span class="dictionary">business</span>. <a id="paragraph-226085" class="section-permalink" href="https://vacode.org/50-73.121/#A"><i class="fa fa-link"/></a></p></section>
						<section id="B"><p><span class="prefix-number">B.</span> A <span class="dictionary">statement</span> of dissolution cancels a filed <span class="dictionary">statement</span> of <span class="dictionary">partnership</span> authority for the purposes of subsection D of &#xA7; <a class="law" title="Statement of partnership authority" href="/50-73.93/">50-73.93</a> and is a limitation on authority for the purposes of subsection E of &#xA7; <a class="law" title="Statement of partnership authority" href="/50-73.93/">50-73.93</a>. <a id="paragraph-226086" class="section-permalink" href="https://vacode.org/50-73.121/#B"><i class="fa fa-link"/></a></p></section>
						<section id="C"><p><span class="prefix-number">C.</span> For the purposes of &#xA7;&#xA7; <a class="law" title="Partner agent of partnership" href="/50-73.91/">50-73.91</a> and <a class="law" title="Partner's power to bind partnership after dissolution" href="/50-73.120/">50-73.120</a>, a <span class="dictionary">person</span> not a partner is deemed to have notice of the dissolution and the limitation on the partners&#x2019; authority as a result of the <span class="dictionary">statement</span> of dissolution 90 days after it is filed. <a id="paragraph-226087" class="section-permalink" href="https://vacode.org/50-73.121/#C"><i class="fa fa-link"/></a></p></section>
						<section id="D"><p><span class="prefix-number">D.</span> After filing and, if appropriate, recording a <span class="dictionary">statement</span> of dissolution, a dissolved <span class="dictionary">partnership</span> may file and, if appropriate, record a <span class="dictionary">statement</span> of <span class="dictionary">partnership</span> authority which will operate with respect to a <span class="dictionary">person</span> not a partner as provided in subsections D and E of &#xA7; <a class="law" title="Statement of partnership authority" href="/50-73.93/">50-73.93</a> in any transaction, whether or not the transaction is appropriate for winding up the <span class="dictionary">partnership</span> <span class="dictionary">business</span>. <a id="paragraph-226088" class="section-permalink" href="https://vacode.org/50-73.121/#D"><i class="fa fa-link"/></a></p></section></text><history>1996, c. 292; 2003, c. 567.</history><metadata></metadata></law>
