South Carolina Code 33-41-970. Power of partner to bind partnership after dissolution
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After dissolution a partner can bind the partnership, except as provided in § 33-41-990.
(1) By any act appropriate for winding up partnership affairs or completing transactions unfinished at dissolution; or
Terms Used In South Carolina Code 33-41-970
- 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.
(2) By any transaction which would bind the partnership if dissolution had not taken place, provided the other party to the transaction
(a) had extended credit to the partnership prior to the dissolution and had no knowledge or notice of the dissolution or
(b) though he had not so extended credit, had nevertheless known of the partnership prior to dissolution and, having no knowledge or notice of dissolution, the fact of dissolution had not been advertised in a newspaper of general circulation in the place (or in each place if more than one) at which the partnership business was regularly carried on.