Virginia Code 50-73.50: Judicial dissolution.
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A. On application by or for a partner, the circuit court of the locality in which the registered office is located may decree dissolution of a limited partnership if it is not reasonably practicable to carry on the business in conformity with the partnership agreement.
Terms Used In Virginia Code 50-73.50
- Commission: means the State Corporation Commission. See Virginia Code 50-73.1
- Locality: means a county, city, or town as the context may require. See Virginia Code 1-221
- Partner: means a limited or general partner. See Virginia Code 50-73.1
- 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 Virginia Code 50-73.1
B. When the winding up of the affairs of the limited partnership has been completed, the court shall so advise the Commission, which shall enter an order of cancellation of the limited partnership’s existence.
1985, c. 607; 1987, c. 702; 2008, c. 586.