(A) After dissolution, a partner who has not wrongfully dissociated may participate in winding up the partnership's business, but on the application of any partner, a partner's legal representative, or a transferee, the court of common pleas for good cause shown, may order judicial supervision of the winding up.
(B) The legal representative of the last surviving partner may wind up a partnership's business.
(C) A person winding up a partnership's business may preserve the partnership business or property as a going concern for a reasonable time, prosecute and defend actions and proceedings, whether civil, criminal, or administrative, settle and close the partnership's business, dispose of and transfer the partnership's property, discharge or make reasonable provision for the partnership's liabilities, distribute the assets of the partnership pursuant to section 1776.67 of the Revised Code, settle disputes by mediation or arbitration, and perform other necessary acts.
Effective Date: 2008 HB332 08-06-2008Section: Previous 1776.54 1776.55 1776.56 1776.57 1776.58 1776.61 1776.62 1776.63 1776.64 1776.65 1776.66 1776.67 1776.68 1776.69 1776.70 Next
Last modified: October 10, 2016