Va. Code Ann. § 50-73.111
Effect of partner's dissociation
Redline — June 1, 2021 → current.View current text →
Current — March 1, 2022
As of June 1, 2021
(1) If a partner's dissociation results in a dissolution and winding up of the partnership business, Article 8 applies; otherwise, Article 7 applies.
(1) If a partner’s dissociation results in a dissolution and winding up of the partnership business, Article 8 applies; otherwise, Article 7 applies.
(2) Upon a partner's dissociation: The partner's right to participate in the management and conduct of the partnership business terminates, except as otherwise provided in § 50-73.119;
(2) Upon a partner’s dissociation: The partner’s right to participate in the management and conduct of the partnership business terminates, except as otherwise provided in § 50-73.119;
(3) The partner's duty of loyalty under subdivision B 3 of § 50-73.102 terminates; and
(3) The partner’s duty of loyalty under subdivision B 3 of § 50-73.102 terminates; and
(4) The partner’s duty of loyalty under subdivisions B 1 and B 2 of § 50-73.102 and duty of care under subsection C of § 50-73.102 continue only with regard to matters arising and events occurring before the partner’s dissociation, unless the partner participates in winding up the partnership’s business pursuant to § 50-73.119. (1996, c. 292.)
(4) The partner’s duty of loyalty under subdivisions B 1 and B 2 of § 50-73.102 and duty of care under subsection C of § 50-73.102 continue only with regard to matters arising and events occurring before the partner’s dissociation, unless the partner participates in winding up the partnership’s business pursuant to § 50-73.119.
Official source: Virginia Law Portal (LIS). Reproduced from public-domain Virginia statutes; confirm against the official source for the current text. Not legal advice.