<html xmlns="http://www.w3.org/1999/xhtml"><head><meta charset="UTF-8" /><meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 48-7A-802 - Partnership continues after dissolution. </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2069845Normal { text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-left: 0; margin-right: 0; margin-bottom: .001pt; } span.s2069845SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2069845CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2069845Normal-000000 { text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-left: 0; margin-right: 0; margin-bottom: .001pt; } span.s2069845DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.s2069845Normal-000001 { text-indent: 0.25in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-left: 0; margin-right: 0; margin-bottom: .001pt; } p.s2069845Normal-000002 { margin-left: 0.70in; text-indent: -0.45in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-right: 0; margin-bottom: .001pt; } span.s2069845DefaultParagraphFont-000003 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2069845000004 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2069845SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2069845SCL-000005 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } body { text-decoration-skip-ink: none; } </style></head><body><div><p dir="ltr" class="s2069845Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=48-7A-802"><span class="s2069845SENU">48-7A-802</span></a><span xml:space="preserve" class="s2069845SENU">. </span><span class="s2069845CL">Partnership continues after dissolution.</span></p><p dir="ltr" class="s2069845Normal-000000"><span class="s2069845DefaultParagraphFont">(a) Subject to subsection (b), 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.</span></p><p dir="ltr" class="s2069845Normal-000001"><span class="s2069845DefaultParagraphFont">(b) 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:</span></p><p dir="ltr" class="s2069845Normal-000002"><span class="s2069845DefaultParagraphFont">(1)    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</span></p><p dir="ltr" class="s2069845Normal-000002"><span class="s2069845DefaultParagraphFont">(2)    The rights of a third party accruing under subsection 48</span><span class="s2069845DefaultParagraphFont-000003">-</span><span class="s2069845DefaultParagraphFont">7A</span><span class="s2069845DefaultParagraphFont-000003">-</span><span class="s2069845DefaultParagraphFont">804(1) 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.</span></p><p dir="ltr" class="s2069845Normal"><span xml:space="preserve" class="s2069845000004"> </span></p><p dir="ltr" class="s2069845Normal"><span class="s2069845SCL">Source:</span><span xml:space="preserve" class="s2069845SCL-000005"> SL 2001, ch 249, § 802.</span></p></div></body></html>