§ 50-73.117 Events causing dissolution and winding up of partnership business.
§ 50-73.118 Partnership continues after dissolution.
§ 50-73.119 Right to wind up partnership business.
§ 50-73.120 Partner’s power to bind partnership after dissolution.
§ 50-73.121 Statement of dissolution.
§ 50-73.122 Partner’s liability to other partners after dissolution.
§ 50-73.123 Settlement of accounts and contributions among partners.
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Terms Used In Virginia Code > Title 50 > Chapter 2.2 > Article 8 - Winding Up Partnership Business.

  • Equitable: Pertaining to civil suits in "equity" rather than in "law." In English legal history, the courts of "law" could order the payment of damages and could afford no other remedy. See damages. A separate court of "equity" could order someone to do something or to cease to do something. See, e.g., injunction. In American jurisprudence, the federal courts have both legal and equitable power, but the distinction is still an important one. For example, a trial by jury is normally available in "law" cases but not in "equity" cases. Source: U.S. Courts
  • 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.
  • Prosecute: To charge someone with a crime. A prosecutor tries a criminal case on behalf of the government.
  • Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.