Kentucky Statutes 362.1-803 – Right to wind up partnership business
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(1) After dissolution, a partner who has not wrongfully dissociated may participate in winding up the partnership‘s business, but on application of any partner, partner’s legal representative, or transferee, the Circuit Court for the county in which the registered office is located or, if none, the Franklin Circuit Court, for good cause shown, may order judicial supervision of the winding up.
(2) The legal representative of the last surviving partner may wind up a partnership‘s business.
(3) 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 KRS
362.1-807, settle disputes by mediation or arbitration, and perform other necessary acts.
Effective: July 12, 2006
History: Created 2006 Ky. Acts ch. 149, sec. 56, effective July 12, 2006.
(2) The legal representative of the last surviving partner may wind up a partnership‘s business.
Terms Used In Kentucky Statutes 362.1-803
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Business: includes every trade, occupation, and profession. See Kentucky Statutes 362.1-101
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
- 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
- Property: means all property, real, personal, or mixed, tangible or intangible, or any interest therein. See Kentucky Statutes 362.1-101
- Prosecute: To charge someone with a crime. A prosecutor tries a criminal case on behalf of the government.
- Transfer: includes an assignment, conveyance, lease, mortgage, deed, and encumbrance. See Kentucky Statutes 362.1-101
(3) 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 KRS
362.1-807, settle disputes by mediation or arbitration, and perform other necessary acts.
Effective: July 12, 2006
History: Created 2006 Ky. Acts ch. 149, sec. 56, effective July 12, 2006.