Vermont § 3272 - Partnership continues after dissolution

§ 3272. Partnership continues after dissolution

• (a) Subject to subsection (b) of this section, a partnership continues after dissolution
  only for the purpose of winding up its business. The partnership is terminated when
  the winding up of its business is completed. (b) At any time after the dissolution of a partnership and before the winding up of its
  business is completed, all of the partners, including any dissociating partner other
  than a wrongfully dissociating partner, may waive the right to have the partnership’s
  business wound up and the partnership terminated. In that event: (1) the partnership resumes carrying on its business as if dissolution had never occurred,
  and any liability incurred by the partnership or a partner after the dissolution and
  before the waiver is determined as if dissolution had never occurred; and (2) the rights of a third party accruing under subdivision 3274(1) of this title or arising out of conduct in reliance on the dissolution before the third party knew
  or received a notification of the waiver may not be adversely affected. (Added 1997, No. 149 (Adj. Sess.), § 1, eff. Jan. 1, 1999.)