North Carolina § 59-801 - Nonjudicial dissolution.
Full text of North Carolina North Carolina General Statutes § 59-801 — Nonjudicial dissolution., with citation guidance and answers to common questions.
§ 59-801. Nonjudicial dissolution.
A limited partnership is dissolved and its affairs shall be wound up upon the happening of the first to occur of the following: At the time specified in the certificate of limited partnership or upon the happening of events specified in writing in the partnership agreement; Written consent of all partners; An event of withdrawal of a general partner unless: 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 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; 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 Entry of a decree of judicial dissolution under G.S. 59-802. 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. History (1985 (Reg. Sess., 1986), c. 989, s. 2; 1999-362, s. 33.) Legal Periodicals. - For article, "The Creation of North Carolina's Limited Liability Corporation Act," see 32 Wake Forest L. Rev. 179 (1997).
Frequently Asked Questions About North Carolina § 59-801
What does North Carolina General Statutes § 59-801 cover?
Section 59-801 ("Nonjudicial dissolution.") is part of the North Carolina General Statutes, the codified statutory law of North Carolina. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite North Carolina § 59-801?
A common citation format is "North Carolina General Statutes § 59-801" (North Carolina). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of North Carolina law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the North Carolina official source linked on this page or consult a licensed North Carolina attorney.
How does North Carolina § 59-801 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in North Carolina can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in North Carolina.