(805 ILCS 206/802)
Sec. 802.
Partnership continues after dissolution.
(a) Subject to subsection (b) of this Section, a partnership continues after
dissolution only for
the purpose of winding up its business. The partnership is terminated when the
winding up of its
business is completed.
(b) At any time after the dissolution of a partnership and before the
winding up of its business
is completed, all of the partners, including any dissociating partner other
than a wrongfully
dissociating partner, may waive the right to have the partnership's business
wound up and the
partnership terminated. In that event:
(1) the partnership resumes carrying on its business |
| as if dissolution had never occurred, and any liability incurred by the partnership or a partner after the dissolution and before the waiver is determined as if dissolution had never occurred; and
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(2) the rights of a third party accruing under
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| Section 804(1) of this Act or arising out of conduct in reliance on the dissolution before the third party knew or received a notification of the waiver may not be adversely affected.
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(Source: P.A. 92-740, eff. 1-1-03.)
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