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Ark. Code Ann. § 4-47-801

Nonjudicial dissolution

Known as the Uniform Limited Partnership Act

The act spans §§ 4–4 (110 sections).

Acts 2007, No. 15, § 1.

Except as otherwise provided in § 4-47-802, a limited partnership is dissolved, and its activities must be wound up, only upon the occurrence of any of the following:

(1) the happening of an event specified in the partnership agreement;

(2) the consent of all general partners and of limited partners owning a majority of the rights to receive distributions as limited partners at the time the consent is to be effective;

(3) after the dissociation of a person as a general partner: if the limited partnership has at least one remaining general partner, the consent to dissolve the limited partnership given within 90 days after the dissociation by partners owning a majority of the rights to receive distributions as partners at the time the consent is to be effective; or

(4) if the limited partnership does not have a remaining general partner, the passage of 90 days after the dissociation, unless before the end of the period: consent to continue the activities of the limited partnership and admit at least one general partner is given by limited partners owning a majority of the rights to receive distributions as limited partners at the time the consent is to be effective; and

(5) at least one person is admitted as a general partner in accordance with the consent;

(6) the passage of 90 days after the dissociation of the limited partnership's last limited partner, unless before the end of the period the limited partnership admits at least one limited partner; or

(7) the signing and filing of a declaration of dissolution by the Secretary of State under § 4-47-809(c).

Current official text: Arkansas General Assembly. Digitized from the UniCourt Code Improvement Commission public-domain capture. Reproduced from public-domain Arkansas statutes; confirm against the official source for the current text. Not legal advice.