Sec. 805. Statement of dissolution.
171 words·~1 min read·
/il/chapter-805/act-206/805A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Sec. 805. Statement of dissolution.
(a)After dissolution, a partner who has not wrongfully dissociated may file a statement of dissolution stating the name of the partnership and that the partnership has dissolved and is winding up its business.
(b)A statement of dissolution cancels a filed statement of partnership authority for the purposes of Section 303(d) and is a limitation on authority for the purposes of Section 303(e).
(c)For the purposes of Sections 301 and 804, a person not a partner is deemed to have notice of the dissolution and the limitation on the partners' authority as a result of the statement of dissolution 90 days after it is filed.
(d)After filing and, if appropriate, recording a statement of dissolution, a dissolved partnership may file and, if appropriate, record a statement of partnership authority which will operate with respect to a person not a partner as provided in Section 303(d) and
(e)in any transaction, whether or not the transaction is appropriate for winding up the partnership business.