A. If a partner's dissociation results in a dissolution and winding up of the partnership business, Article 8 applies; otherwise, Article 7 applies.
B. Upon a partner's dissociation:
1. The partner's right to participate in the management and conduct of the partnership business terminates, except as otherwise provided in § 50-73.119;
2. The partner's duty of loyalty under subdivision B 3 of § 50-73.102 terminates; and
3. The partner's duty of loyalty under subdivisions B 1 and B 2 of § 50-73.102 and duty of care under subsection C of § 50-73.102 continue only with regard to matters arising and events occurring before the partner's dissociation, unless the partner participates in winding up the partnership's business pursuant to § 50-73.119.
1996, c. 292.
Structure Code of Virginia
Chapter 2.2 - Virginia Uniform Partnership Act
§ 50-73.80. Knowledge and notice
§ 50-73.81. Effect of partnership agreement; nonwaivable provisions
§ 50-73.82. Supplemental principles of law
§ 50-73.84. Law governing internal relations
§ 50-73.85. Transactions between partner and partnership
§ 50-73.86. Partnership subject to amendment or repeal of chapter
§ 50-73.87. Partnership as entity
§ 50-73.88. Formation of partnership
§ 50-73.89. Partnership property
§ 50-73.90. When property is partnership property
§ 50-73.91. Partner agent of partnership
§ 50-73.92. Transfer of partnership property
§ 50-73.93. Statement of partnership authority
§ 50-73.94. Statement of denial
§ 50-73.95. Partnership liable for partner's actionable conduct
§ 50-73.96. Partner's liability
§ 50-73.97. Actions by and against partnership and partners
§ 50-73.98. Liability of purported partner
§ 50-73.99. Partner's rights and duties
§ 50-73.100. Distributions in kind
§ 50-73.101. Partner's rights and duties with respect to information
§ 50-73.102. General standards of partner's conduct
§ 50-73.103. Actions by partnership and partners
§ 50-73.104. Continuation of partnership beyond definite term or particular undertaking
§ 50-73.105. Partner not co-owner of partnership property
§ 50-73.106. Partner's transferable interest in partnership
§ 50-73.107. Transfer of partner's transferable interest
§ 50-73.108. Partner's transferable interest subject to charging order
§ 50-73.109. Events causing partner's dissociation
§ 50-73.110. Partner's power to dissociate; wrongful dissociation
§ 50-73.111. Effect of partner's dissociation
§ 50-73.112. Purchase of dissociated partner's interest
§ 50-73.113. Dissociated partner's power to bind partnership
§ 50-73.114. Dissociated partner's liability to other persons
§ 50-73.115. Statement of dissociation
§ 50-73.116. Continued use of partnership name
§ 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
§ 50-73.126. Conversion of limited partnership to partnership
§ 50-73.127. Effect of conversion; entity unchanged
§ 50-73.128. Merger of partnerships
§ 50-73.131. Statement of merger
§ 50-73.132. Registered limited liability partnerships
§ 50-73.133. Name of registered limited liability partnership
§ 50-73.135. Registered office and registered agent
§ 50-73.136. Amendment of statement of registration; effect of statement of registration
§ 50-73.137. Cancellation of a registered limited liability partnership
§ 50-73.137:1. Effect of cancellation of limited partnership certificate or registration
§ 50-73.137:2. Known claims against dissolved registered limited liability partnership
§ 50-73.137:3. Other claims against dissolved registered limited liability partnership
§ 50-73.137:4. Court proceedings
§ 50-73.138. Registration of foreign registered limited liability partnerships
§ 50-73.139. Withdrawal of a foreign registered limited liability partnership
§ 50-73.140. Effect of failure of foreign registered limited liability partnership to register
§ 50-73.141. Applicability of chapter to foreign and interstate commerce
§ 50-73.142. Limited partnerships as registered limited liability partnerships