(b) | has not dissociated as a general partner under Section 48-2e-603. See Utah Code 48-2e-102Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.Limited partnership: means an entity formed under this chapter or which becomes subject to this chapter under 11, or Section 48-2e-1205. See Utah Code 48-2e-102Partner: means a limited partner or general partner. See Utah Code 48-2e-102Partnership: 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 an individual, business corporation, nonprofit corporation, partnership, limited partnership, limited liability company, limited cooperative association, unincorporated nonprofit association, statutory trust, business trust, common-law business trust, estate, trust, association, joint venture, public corporation, government or governmental subdivision, agency, or instrumentality, or any other legal or commercial entity. See Utah Code 48-2e-102Property: means all property, whether real, personal, or mixed or tangible or intangible, or any right or interest therein. See Utah Code 48-2e-102State: means a state of the United States, the District of Columbia, Puerto Rico, the United States Virgin Islands, or any territory or insular possession subject to the jurisdiction of the United States. See Utah Code 48-2e-102 |
(2) |
In winding up its activities and affairs, the limited partnership:
(a) |
shall discharge the limited partnership’s debts, obligations, and other liabilities, settle and close the limited partnership’s activities and affairs, and marshal and distribute the assets of the limited partnership; and |
(b) |
may:
(i) |
amend its certificate of limited partnership to state that the limited partnership is dissolved; |
(ii) |
preserve the limited partnership activities, affairs, and property as a going concern for a reasonable time; |
(iii) |
prosecute and defend actions and proceedings, whether civil, criminal, or administrative; |
(iv) |
transfer the limited partnership’s property; |
(v) |
settle disputes by mediation or arbitration; |
(vi) |
deliver to the division for filing a statement of termination stating the name of the limited partnership and that the limited partnership is terminated; and |
(vii) |
perform other acts necessary or appropriate to the winding up. |
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