Virginia Code 50-73.120: Partner’s power to bind partnership after dissolution.
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Subject to § 50-73.121, a partnership is bound by a partner’s act after dissolution that:
Terms Used In Virginia Code 50-73.120
- 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.
1. Is appropriate for winding up the partnership business; or
2. Would have bound the partnership under § 50-73.91 before dissolution, if the other party to the transaction did not have notice of the dissolution.
1996, c. 292.