NRS 87.4345 Effect of dissociation.
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/nv/chapter-87-partnerships/87-4345·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
NRS 87.4345 Effect of dissociation.
1. If a partner’s dissociation results in a dissolution and winding up of the partnership business, the provisions of NRS 87.4351 to 87.4357 , inclusive, apply. If a partner’s dissociation does not result in a dissolution and winding up of the partnership business, the provisions of NRS 87.4346 to 87.435 , inclusive, apply.
2. Upon a partner’s dissociation:
(a)The partner’s right to participate in the management and conduct of the partnership business terminates, except as otherwise provided in NRS 87.4353 ;
(b)The partner’s duty of loyalty under paragraph
(c)of subsection 2 of NRS 87.4336 terminates; and
(c)The partner’s duty of loyalty under paragraphs
(a)and
(b)of subsection 2 of NRS 87.4336 and duty of care under subsection 3 of NRS 87.4336 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 NRS 87.4353 .
Dissociation of Partner When Business Not Wound Up