Iowa Code 486A.803 – Right to wind up partnership business
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1. After dissolution, a partner who has not wrongfully dissociated may participate in winding up the partnership‘s business, but on application of any partner, partner’s legal representative, or transferee, the court, for good cause shown, may order judicial supervision of the winding up.
Terms Used In Iowa Code 486A.803
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Business: includes every trade, occupation, and profession. See Iowa Code 486A.101
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
- Partnership: means an association of two or more persons to carry on as co-owners a business for profit formed under section 486A. See Iowa Code 486A.101
- Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
- Person: means as defined in section 4. See Iowa Code 486A.101
- Property: means all property, real, personal, or mixed, tangible or intangible, or any interest in such property. See Iowa Code 486A.101
- Prosecute: To charge someone with a crime. A prosecutor tries a criminal case on behalf of the government.
- Transfer: includes an assignment, conveyance, lease, mortgage, deed, and encumbrance. See Iowa Code 486A.101
2. The legal representative of the last surviving partner may wind up a partnership‘s business.
3. 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 the partnership’s liabilities, distribute the assets of the partnership pursuant to section 486A.807, settle disputes by mediation or arbitration, and perform other necessary acts.