Nevada Revised Statutes 88.550 – Events causing dissolution
A limited partnership is dissolved and its affairs must be wound up upon the happening of the first of the following to occur:
Terms Used In Nevada Revised Statutes 88.550
- Certificate of limited partnership: means the certificate referred to in Nevada Revised Statutes 88.315
- Event of withdrawal of a general partner: means an event that causes a person to cease to be a general partner as provided in Nevada Revised Statutes 88.315
- General partner: means a person who has been admitted to a limited partnership as a general partner in accordance with the partnership agreement and named in the certificate of limited partnership as a general partner. See Nevada Revised Statutes 88.315
- Partner: means a limited or general partner. See Nevada Revised Statutes 88.315
- 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 agreement: means any valid agreement, written or oral, of the partners as to the affairs of a limited partnership and the conduct of its business. See Nevada Revised Statutes 88.315
1. At the time specified in the certificate of limited partnership;
2. Upon the happening of events specified in writing in the partnership agreement;
3. Written consent of all partners;
4. An event of withdrawal of a general partner unless at the time there is at least one other general partner and the written provisions of the partnership agreement permit the business of the limited partnership to be carried on by the remaining general partner and that partner does so, but the limited partnership is not dissolved and is not required to be wound up by reason of any event of withdrawal if, within 90 days after the withdrawal, all partners agree in writing to continue the business of the limited partnership and to the appointment of one or more additional general partners if necessary or desired; or
5. Entry of a decree of judicial dissolution under NRS 88.555.