California Corporations Code

§ 16802

CORP § 16802 Effective Jan 1, 1997Title 2 · Ch. 5 · Art. 8

Statute text

(a)Subject to subdivision (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’s business wound up and the partnership terminated. In that event both of the following apply:

(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.

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Legislative history

Added by Stats. 1996, Ch. 1003, Sec. 2. Effective January 1, 1997.