Kentucky Statutes 362.1-805 – Statement of dissolution
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(1) After dissolution, a partner who has not wrongfully dissociated may file a statement of dissolution stating the name of the partnership, that the partnership has dissolved and is winding up its business, and the date of dissolution.
(2) A statement of dissolution cancels a filed statement of partnership authority for the purposes of KRS § 362.1-303(4) and is a limitation on authority for the purposes of KRS § 362.1-303(5).
(3) For the purposes of KRS § 362.1-301 and KRS § 362.1-804, a person not a partner has notice of the dissolution and the limitation on the partners’ authority as a result of the statement of dissolution ninety (90) days after it is filed.
(4) After filing a statement of dissolution, a dissolved partnership may file and, if appropriate, record a statement of partnership authority which will operate with respect to a person not a partner as provided in KRS § 362.1-303(4) and (5) in any transaction, whether or not the transaction is appropriate for winding up the partnership business.
Effective: July 12, 2006
History: Created 2006 Ky. Acts ch. 149, sec. 58, effective July 12, 2006.
(2) A statement of dissolution cancels a filed statement of partnership authority for the purposes of KRS § 362.1-303(4) and is a limitation on authority for the purposes of KRS § 362.1-303(5).
Terms Used In Kentucky Statutes 362.1-805
- Business: includes every trade, occupation, and profession. See Kentucky Statutes 362.1-101
- 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.
- Partnership: means an association of two (2) or more persons to carry on as co- owners a business for profit formed under KRS §. See Kentucky Statutes 362.1-101
- Person: means an individual, an entity, or any other legal or commercial entity. See Kentucky Statutes 362.1-101
- Statement: means a statement of partnership authority under KRS §. See Kentucky Statutes 362.1-101
(3) For the purposes of KRS § 362.1-301 and KRS § 362.1-804, a person not a partner has notice of the dissolution and the limitation on the partners’ authority as a result of the statement of dissolution ninety (90) days after it is filed.
(4) After filing a statement of dissolution, a dissolved partnership may file and, if appropriate, record a statement of partnership authority which will operate with respect to a person not a partner as provided in KRS § 362.1-303(4) and (5) in any transaction, whether or not the transaction is appropriate for winding up the partnership business.
Effective: July 12, 2006
History: Created 2006 Ky. Acts ch. 149, sec. 58, effective July 12, 2006.