California Corporations Code

§ 16803

CORP § 16803 Effective Jan 1, 1997Title 2 · Ch. 5 · Art. 8

Statute text

(a)After dissolution, a partner who has not dissociated may participate in winding up the partnership’s business, but on application of any partner, partner’s legal representative, or transferee, the court, for good cause shown, may order judicial supervision of the winding up.

(b)The legal representative of the last surviving partner may wind up a partnership’s business.

(c)A person winding up a partnership’s business may preserve the partnership business or property as a going concern for a reasonable time, prosecute and defend actions and proceedings, whether civil, criminal, or administrative, settle and close the partnership’s business, dispose of and transfer the partnership’s property, discharge the partnership’s liabilities, distribute the assets of the partnership pursuant to Section 16807, settle disputes by mediation or arbitration, and perform other necessary acts.

Legislative history

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