Sec. 32.06.406. Continuation of partnership beyond definite term or particular undertaking.
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Sec. 32.06.406. Continuation of partnership beyond definite term or particular undertaking.
(a)If a partnership for a definite term or particular undertaking is continued, without an express agreement, after the expiration of the term or completion of the undertaking, the rights and duties of the partners remain the same as they were at the expiration or completion to the extent consistent with a partnership at will.
(b)If the partners, or the partners who habitually acted in the business during the term or undertaking, continue the business without a settlement or liquidation of the partnership, the partners continuing the business are presumed to have agreed that the partnership will continue.
Article 4. Transferable Interests, Transferees, and Creditors of Partnerships.