<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-805 - Statement of dissolution. </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2069848Normal { margin-top: 0; margin-bottom: 0; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2069848SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2069848CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2069848Normal-000000 { margin-top: 0; margin-bottom: 0; text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2069848DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.s2069848Normal-000001 { margin-top: 0; margin-bottom: 0; text-indent: 0.25in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2069848DefaultParagraphFont-000002 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2069848000003 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2069848SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2069848SCL-000004 { 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="s2069848Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=48-7A-805"><span class="s2069848SENU">48-7A-805</span></a><span xml:space="preserve" class="s2069848SENU">. </span><span class="s2069848CL">Statement of dissolution.</span></p><p dir="ltr" class="s2069848Normal-000000"><span class="s2069848DefaultParagraphFont">(a) After dissolution, a partner who has not wrongfully dissociated may file a statement of dissolution in the Office of the Secretary of State stating the name of the partnership and that the partnership has dissolved and is winding up its business.</span></p><p dir="ltr" class="s2069848Normal-000001"><span class="s2069848DefaultParagraphFont">(b) A statement of dissolution cancels a filed statement of partnership authority for the purposes of subsection 48</span><span class="s2069848DefaultParagraphFont-000002">-</span><span class="s2069848DefaultParagraphFont">7A</span><span class="s2069848DefaultParagraphFont-000002">-</span><span class="s2069848DefaultParagraphFont">303(d) and is a limitation on authority for the purposes of subsection 48</span><span class="s2069848DefaultParagraphFont-000002">-</span><span class="s2069848DefaultParagraphFont">7A</span><span class="s2069848DefaultParagraphFont-000002">-</span><span class="s2069848DefaultParagraphFont">303(e).</span></p><p dir="ltr" class="s2069848Normal-000001"><span class="s2069848DefaultParagraphFont">(c) For the purposes of §§ 48</span><span class="s2069848DefaultParagraphFont-000002">-</span><span class="s2069848DefaultParagraphFont">7A</span><span class="s2069848DefaultParagraphFont-000002">-</span><span class="s2069848DefaultParagraphFont">301 and 48</span><span class="s2069848DefaultParagraphFont-000002">-</span><span class="s2069848DefaultParagraphFont">7A</span><span class="s2069848DefaultParagraphFont-000002">-</span><span class="s2069848DefaultParagraphFont">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 ninety days after it is filed.</span></p><p dir="ltr" class="s2069848Normal-000001"><span class="s2069848DefaultParagraphFont">(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 subsections 48</span><span class="s2069848DefaultParagraphFont-000002">-</span><span class="s2069848DefaultParagraphFont">7A</span><span class="s2069848DefaultParagraphFont-000002">-</span><span class="s2069848DefaultParagraphFont">303(d) and (e) in any transaction, whether or not the transaction is appropriate for winding up the partnership business.</span></p><p dir="ltr" class="s2069848Normal"><span xml:space="preserve" class="s2069848000003"> </span></p><p dir="ltr" class="s2069848Normal"><span class="s2069848SCL">Source:</span><span xml:space="preserve" class="s2069848SCL-000004"> SL 2001, ch 249, § 805.</span></p></div></body></html>