                                 CODE OF VIRGINIA

PARTNERSHIP CONTINUES AFTER DISSOLUTION (§ 50-73.118)

A. 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.

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&#8217;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 &#xA7;
   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.

HISTORY: 1996, c. 292.