Nevada § 87.4351 - Events causing dissolution and winding up of partnership business

§ 87.4351. Events causing dissolution and winding up of partnership business

A partnership is dissolved, and its business must be wound up, only upon the occurrence

of any of the following events: 1. In a partnership at will, the partnership's having notice from a partner, other

than a partner who is dissociated under subsections 2 to 10, inclusive, of NRS 87.4343 , of that partner's express will to withdraw as a partner, or on a later date specified

by the partner; 2. In a partnership for a definite term or particular undertaking: (a) Within 90 days after a partner's dissociation by death or otherwise under subsections

6 to 10, inclusive, of NRS 87.4343 or wrongful dissociation under subsection 2 of NRS 87.4344 , the express will of at least half of the remaining partners to wind up the partnership

business, for which purpose a partner's rightful dissociation pursuant to subparagraph

(1) of paragraph (b) of subsection 2 of NRS 87.4344 constitutes the expression of that partner's will to wind up the partnership business; (b) The express will of all of the partners to wind up the partnership business;

or (c) The expiration of the term or the completion of the undertaking; 3. An event agreed to in the partnership agreement resulting in the winding up of

the partnership business; 4. An event that makes it unlawful for all or substantially all of the business of

the partnership to be continued, but a cure of illegality within 90 days after notice

to the partnership of the event is effective retroactively to the date of the event

for purposes of this section; 5. On application by a partner, a judicial determination that: (a) The economic purpose of the partnership is likely to be unreasonably frustrated; (b) Another partner has engaged in conduct relating to the partnership business which

makes it not reasonably practicable to carry on the business in partnership with that

partner; or (c) It is not otherwise reasonably practicable to carry on the partnership business

in conformity with the partnership agreement; or 6. On application by a transferee of a partner's transferable interest, a judicial

determination that it is equitable to wind up the partnership business: (a) After the expiration of the term or completion of the undertaking, if the partnership

was for a definite term or particular undertaking at the time of the transfer or entry

of the charging order that gave rise to the transfer; or (b) At any time, if the partnership was a partnership at will at the time of the transfer

or entry of the charging order that gave rise to the transfer.