1. Subject to subsection 2, a partnership continues after dissolution only for the purpose of winding up its business. The partnership is terminated when the winding up of its business is completed.
2. At any time after the dissolution of a partnership and before the winding up of its business is completed, all of the partners, including any dissociating partner other than a wrongfully dissociating partner, may waive the right to have the partnership’s business wound up and the partnership terminated. In that event:
(a) The partnership resumes carrying on its business as if dissolution had never occurred, and any liability incurred by the partnership or a partner after the dissolution and before the waiver is determined as if dissolution had never occurred; and
(b) The rights of a third party accruing under subsection 1 of NRS 87.4354 or arising out of conduct in reliance on the dissolution before the third party knew or received a notification of the waiver may not be adversely affected.
(Added to NRS by 2005, 438)
Structure Nevada Revised Statutes
NRS 87.002 - "Business" defined.
NRS 87.030 - Interpretation of knowledge and notice.
NRS 87.040 - Rules of construction.
NRS 87.050 - Rules for cases not provided for in NRS 87.010 to 87.430, inclusive.
NRS 87.060 - Partnership defined.
NRS 87.070 - Rules for determining existence of partnership.
NRS 87.080 - Property of partnership.
NRS 87.4321 - Partnership as entity.
NRS 87.4322 - Formation of partnership.
NRS 87.4323 - Partnership property.
NRS 87.4324 - When property is partnership property.
NRS 87.090 - Partner agent of partnership; restrictions on authority.
NRS 87.100 - Conveyance of real property of partnership.
NRS 87.110 - Partnership bound by admission of partner.
NRS 87.120 - Partnership charged with knowledge of or notice to partner.
NRS 87.130 - Partnership bound by partner’s wrongful act.
NRS 87.140 - Partnership bound by partner’s breach of trust.
NRS 87.150 - Nature of partner’s liability.
NRS 87.160 - Partner by estoppel.
NRS 87.170 - Liability of incoming partner.
NRS 87.4325 - Partner agent of partnership.
NRS 87.4326 - Transfer of partnership property.
NRS 87.4327 - Statement of partnership authority.
NRS 87.4328 - Statement of denial.
NRS 87.4329 - Partnership liable for actionable conduct of partner.
NRS 87.433 - Liability of partners.
NRS 87.4331 - Actions by and against partnership and partners.
NRS 87.4332 - Liability of purported partner.
NRS 87.180 - Rules determining rights and duties of partners.
NRS 87.190 - Partnership’s books.
NRS 87.200 - Duty of partners to render information.
NRS 87.210 - Partner accountable as fiduciary.
NRS 87.220 - Right to formal account.
NRS 87.230 - Continuation of partnership beyond fixed term.
NRS 87.240 - Extent of property rights of partner.
NRS 87.250 - Nature of partner’s right in specific property of partnership.
NRS 87.260 - Nature of partner’s interest in partnership.
NRS 87.270 - Assignment of partner’s interest.
NRS 87.280 - Partner’s interest subject to charging order.
NRS 87.290 - Dissolution defined.
NRS 87.300 - Partnership not terminated by dissolution.
NRS 87.310 - Causes of dissolution.
NRS 87.320 - Dissolution by decree of court.
NRS 87.330 - General effect of dissolution on authority of partner.
NRS 87.340 - Right of partner to contribution from copartners after dissolution.
NRS 87.350 - Power of partner to bind partnership to third persons after dissolution.
NRS 87.360 - Effect of dissolution on partner’s existing liability.
NRS 87.370 - Right to wind up.
NRS 87.380 - Rights of partners to application of property of partnership.
NRS 87.390 - Rights where partnership is dissolved for fraud or misrepresentation.
NRS 87.400 - Rules for distribution.
NRS 87.410 - Liability of persons who continue business of partnership in certain cases.
NRS 87.430 - Accrual of actions.
NRS 87.4303 - "Debtor in bankruptcy" defined.
NRS 87.4304 - "Distribution" defined.
NRS 87.4305 - "Partnership" defined.
NRS 87.4306 - "Partnership agreement" defined.
NRS 87.4307 - "Partnership at will" defined.
NRS 87.4308 - "Partnership interest" and "partner’s interest in the partnership" defined.
NRS 87.4309 - "Person" defined.
NRS 87.431 - "Property" defined.
NRS 87.4311 - "Registered limited-liability partnership" defined.
NRS 87.4312 - "Statement" defined.
NRS 87.4313 - "Transfer" defined.
NRS 87.4315 - Knowledge and notice.
NRS 87.4316 - Effect of partnership agreement; nonwaivable provisions.
NRS 87.4317 - Supplemental principles of law.
NRS 87.4318 - Execution, filing and recording of statements.
NRS 87.432 - Partnership subject to amendment to or repeal of NRS 87.4301 to 87.4357, inclusive.
NRS 87.4333 - Rights and duties of partner.
NRS 87.4334 - Distributions in kind.
NRS 87.4335 - Rights and duties of partner with respect to information.
NRS 87.4336 - Conduct of partner: General standards.
NRS 87.4337 - Actions by partnership and partners.
NRS 87.4338 - Continuation of partnership beyond definite term or particular undertaking.
NRS 87.4339 - Partner not co-owner of partnership property.
NRS 87.434 - Transferable interest of partner in partnership.
NRS 87.4341 - Transfer of transferable interest of partner.
NRS 87.4342 - Transferable interest of partner subject to charging order.
NRS 87.4343 - Events causing dissociation.
NRS 87.4344 - Power of partner to dissociate; wrongful dissociation.
NRS 87.4345 - Effect of dissociation.
NRS 87.4346 - Purchase of dissociated partner’s interest.
NRS 87.4347 - Power of dissociated partner to bind; liability to partnership.
NRS 87.4348 - Liability of dissociated partner to other persons.
NRS 87.4349 - Statement of dissociation.
NRS 87.435 - Continued use of partnership name.
NRS 87.4351 - Events causing dissolution and winding up of partnership business.
NRS 87.4352 - Partnership continues after dissolution.
NRS 87.4353 - Right to wind up partnership business.
NRS 87.4354 - Power of partner to bind partnership after dissolution.
NRS 87.4355 - Statement of dissolution.
NRS 87.4356 - Liability of partner to other partners after dissolution.
NRS 87.4357 - Settlement of accounts and contributions among partners.
NRS 87.455 - Name of partnership: Reinstatement or revival under old or new name; regulations.
NRS 87.460 - Amendment of certificate of registration.
NRS 87.470 - Termination of registration.
NRS 87.480 - Registered agent required.
NRS 87.490 - Change of location of principal office.
NRS 87.510 - Annual list: Filing requirements; fees; notice; regulations.
NRS 87.530 - Defaulting partnerships: Conditions and procedure for reinstatement.
NRS 87.5405 - Penalty for doing business without registration; enforcement; regulations.
NRS 87.5415 - Certificate of authorization to transact business.
NRS 87.542 - Addresses of managing partners required; failure to file.
NRS 87.543 - Defaulting partnerships: Duties of Secretary of State.
NRS 87.5435 - Defaulting partnerships: Conditions and procedure for reinstatement.
NRS 87.544 - Defaulting partnerships: Reinstatement or revival under old or new name; regulations.