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KRS 362.1-406

Continuation of partnership beyond definite term or particular undertaking

Known as the Kentucky Revised Uniform Partnership Act

The act spans §§ 362.1-1001 to 362.1-975 (90 sections).

Effective: July 12, 2006 History: Created 2006 Ky

(1) If a partnership for a definite term or particular undertaking is continued, without an express agreement, after the expiration of the term or completion of the undertaking, then the rights and duties of the partners remain the same as they were at the expiration or completion, so far as is consistent with a partnership at will.

(2) If the partners, or the partners who habitually acted in the business during the term or undertaking, continue the business without any settlement or liquidation of the partnership, then they are presumed to have agreed that the partnership will continue.

Official source: Kentucky General Assembly. Reproduced from public-domain Kentucky statutes; confirm against the official source for the current text. Not legal advice.