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S.D. Codified Laws § 48-7A-805

Statement of dissolution

Known as the Uniform Partnership Act

The act spans §§ 48–48 (74 sections).

Source: SL 2001, ch 249, § 805.

(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.

(b) A statement of dissolution cancels a filed statement of partnership authority for the purposes of subsection 48-7A-303(d) and is a limitation on authority for the purposes of subsection 48-7A-303(e).

(c) For the purposes of §§ 48-7A-301 and 48-7A-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.

(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 48-7A-303(d) and (e) in any transaction, whether or not the transaction is appropriate for winding up the partnership business.

Official source: South Dakota Legislature. Reproduced from public-domain South Dakota statutes; confirm against the official source for the current text. Not legal advice.