Nevada Revised Statutes 143.520 – Continuation of partnership or other business
1. Subject to the partnership agreement, the applicable provisions of chapter 87, 87A or 88 of NRS and the decedent‘s will, the personal representative who has limited authority or full authority has the power to continue as a general partner in any partnership in which the decedent was a general partner at the time of death.
Terms Used In Nevada Revised Statutes 143.520
- Decedent: A deceased person.
- 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. Subject to the operating agreement, the applicable provisions of chapter 86 of NRS and the decedent’s will, the personal representative who has limited authority or full authority has the power to continue as a manager or managing member in any limited-liability company in which the decedent was a manager or managing member at the time of death.
3. The personal representative who has limited authority or full authority has the power to continue operation of any of the following:
(a) An unincorporated business or joint venture in which the decedent was engaged at the time of death.
(b) An unincorporated business or joint venture which was wholly or partly owned by the decedent at the time of death.
4. The personal representative who has limited authority or full authority has the power to continue to exercise any shareholder, partnership or membership rights owned by the decedent at the time of death to which the personal representative has succeeded during the administration of the estate.
5. Except as otherwise provided in subsection 6, the personal representative may exercise the powers described in subsections 1 to 4, inclusive, without giving notice of the proposed action pursuant to NRS 143.700 to 143.760, inclusive.
6. The personal representative shall give notice of a proposed action pursuant to NRS 143.700 to 143.760, inclusive, if the personal representative continues as a general partner under subsection 1 or a manager or managing member under subsection 2, or continues the operation of any unincorporated business or joint venture under subsection 3, for a period of more than 6 months after the date on which letters are first issued to a personal representative.