Kansas Statutes 56-1a,453. Winding up
Terms Used In Kansas Statutes 56-1a,453
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
- Partner: means a limited or general partner. See Kansas Statutes 56-1a,101
- Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
- Property: includes personal and real property. See Kansas Statutes 77-201
- Prosecute: To charge someone with a crime. A prosecutor tries a criminal case on behalf of the government.
(a) Unless otherwise provided in the partnership agreement, the general partners who have not wrongfully dissolved a limited partnership or, if none, the limited partners may wind up the limited partnership’s affairs; but the district court, upon cause shown, may wind up the limited partnership’s affairs upon application of any partner or the partner’s representative or assignee.
(b) Upon dissolution of a limited partnership and until the filing of a certificate of cancellation as provided in Kan. Stat. Ann. §§ 56-1a506 and amendments thereto, the persons winding up the limited partnership’s affairs, in the name of, and for and on behalf of, the limited partnership, may prosecute and defend suits, whether civil, criminal or administrative, gradually settle and close the limited partnership’s business, dispose of and convey the limited partnership’s property, discharge the limited partnership’s liabilities, and distribute to the partners any remaining assets of the limited partnership, all without affecting the liability of limited partners.