(A) After dissolution, a partner who has not wrongfully dissociated may participate in winding up the partnership‘s business, but on the application of any partner, a partner’s legal representative, or a transferee, the court of common pleas for good cause shown, may order judicial supervision of the winding up.

Terms Used In Ohio Code 1776.63

  • 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 Ohio Code 1776.01
  • Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
  • Partner: means a person admitted to a partnership as a partner. See Ohio Code 1776.01
  • 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.
  • Partnership: means an association of two or more persons to carry on as co-owners a business for-profit formed under section 1776. See Ohio Code 1776.01
  • Person: means an individual, corporation whether nonprofit or for-profit, business trust, estate, trust, partnership, limited liability company, association, joint venture, government, governmental subdivision, agency, or instrumentality, or any other legal or commercial entity in its own or any representative capacity, in each case whether domestic or foreign. See Ohio Code 1776.01
  • Property: means all property, real, personal, or mixed, tangible or intangible, or any interest therein. See Ohio Code 1776.01
  • Prosecute: To charge someone with a crime. A prosecutor tries a criminal case on behalf of the government.
  • Surviving: means , as applied to an entity, the constituent entity that is specified as the entity into which one or more other constituent entities are to be or have been merged. See Ohio Code 1776.01
  • Transfer: includes an assignment, conveyance, lease, mortgage, deed, and encumbrance. See Ohio Code 1776.01

(B) The legal representative of the last surviving partner may wind up a partnership‘s business.

(C) 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 or make reasonable provision for the partnership’s liabilities, distribute the assets of the partnership pursuant to section 1776.67 of the Revised Code, settle disputes by mediation or arbitration, and perform other necessary acts.

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