South Carolina Code 33-41-990. When partnership is not bound by partner after dissolution
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The partnership is in no case bound by any act of a partner after dissolution:
(1) When the partnership is dissolved because it is unlawful to carry on the business, unless the act is appropriate for winding up partnership affairs;
Terms Used In South Carolina Code 33-41-990
- 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) When the partner has become bankrupt; or
(3) When the partner has no authority to wind up partnership affairs; Except by a transaction with one who
(a) had extended credit to the partnership prior to the dissolution and had no knowledge or notice of his want of authority or
(b) had not extended credit to the partnership prior to the dissolution and, having no knowledge or notice of the acting partner’s want of authority, the fact of such want of authority has not been advertised in the manner provided for advertising the fact of dissolution in item (2)(b) of § 33-41-970.