Iowa Code 486A.804 – Partner’s power to bind partnership after dissolution
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Subject to section 486A.805, a partnership is bound by a partner’s act after dissolution that meets any of the following criteria:
1. Is appropriate for winding up the partnership business.
Terms Used In Iowa Code 486A.804
- Business: includes every trade, occupation, and profession. See Iowa Code 486A.101
- following: when used by way of reference to a chapter or other part of a statute mean the next preceding or next following chapter or other part. See Iowa Code 4.1
- 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.
2. Would have bound the partnership under section 486A.301 before dissolution, if the other party to the transaction did not have notice of the dissolution.