North Carolina General Statutes § 59-801 Nonjudicial dissolution

(a)        A limited partnership is dissolved and its affairs shall be wound up upon the happening of the first to occur of the following:

(1)        At the time specified in the certificate of limited partnership or upon the happening of events specified in writing in the partnership agreement;

(2)        Written consent of all partners;

(3)        An event of withdrawal of a general partner unless:

a.         At the time there is at least one other general partner, in which case, unless otherwise provided in a written partnership agreement or agreed upon by all remaining partners, (i) the limited partnership is not dissolved, (ii) the limited partnership shall not be wound up, and (iii) the business of the limited partnership shall be continued by the remaining general partners; or

b.         Within 90 days after the withdrawal, all remaining partners, or a lesser number or portion of the partners provided in the partnership agreement, agree in writing to continue the business of the limited partnership and to the appointment of one or more additional general partners if necessary or desired, in which case the limited partnership is not dissolved and is not required to be wound up by reason of the event of withdrawal;

(3a)      Ninety days after the withdrawal of the limited partnership's last limited partner, unless the limited partnership admits at least one limited partner before the end of the 90 days; or

(4)        Entry of a decree of judicial dissolution under G.S. 59-802.

(b)        The causes of dissolution of a limited partnership shall be governed solely by this Article. Article 2 of this Chapter, which governs the causes of dissolution of a partnership without limited partners, does not apply and shall not govern the causes of dissolution of a limited partnership. (1985 (Reg. Sess., 1986), c. 989, s. 2; 1999-362, s. 33.)

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Last modified: March 23, 2014