A partner who wrongfully dissolves a partnership does not have the right to:

Q: What is it called when a partner dissolves the partnership in violation of the partnership agreement?

A partners dissociation may be either rightful or wrongful. Dissociation is wrongful when it is a breach of the partnership agreement, or, if the partnership is for a definite term or undertaking, when a partner dissociates before the end of the partnership.

�� Rights of retiring or estate of deceased partner when business of partnership is continued.

Inhaltsverzeichnis Show

Who has the right to dissolve the partnership?
What happens when a partnership dissolves?
What is it called when a partner dissolves the partnership in violation of the partnership agreement?
Which of the following does not dissolve the partnership?

�� Accrual of actions.

UNIFORM PARTNERSHIP ACT (1997)

General Provisions

�� Short title.

�� Definitions.

�� Debtor in bankruptcy� defined.

�� Distribution� defined.

�� Partnership� defined.

�� Partnership agreement� defined.

�� Partnership at will� defined.

�� Partnership interest� and �partner�s interest in the partnership� defined.

�� Person� defined.

�� Property� defined.

�� Registered limited-liability partnership� defined.

�� Statement� defined.

�� Transfer� defined.

�� Applicability.

�� Knowledge and notice.

�� Effect of partnership agreement; nonwaivable provisions.

�� Supplemental principles of law.

�� Execution, filing and recording of statements.

�� Governing law.

�� Partnership subject to amendment to or repeal of to , inclusive.

Nature of Partnership

�� Partnership as entity.

�� Formation of partnership.

�� Partnership property.

�� When property is partnership property.

Relations of Partners to Persons Dealing With Partnership

�� Partner agent of partnership.

�� Transfer of partnership property.

�� Statement of partnership authority.

�� Statement of denial.

�� Partnership liable for actionable conduct of partner.

�� Liability of partners.

�� Actions by and against partnership and partners.

�� Liability of purported partner.

Relations of Partners to Each Other and to Partnership

�� Rights and duties of partner.

�� Distributions in kind.

�� Rights and duties of partner with respect to information.

�� Conduct of partner: General standards.

�� Actions by partnership and partners.

�� Continuation of partnership beyond definite term or particular undertaking.

Transferees and Creditors of Partner

�� Partner not co-owner of partnership property.

�� Transferable interest of partner in partnership.

�� Transfer of transferable interest of partner.

�� Transferable interest of partner subject to charging order.

Dissociation of Partner

�� Events causing dissociation.

�� Power of partner to dissociate; wrongful dissociation.

�� Effect of dissociation.

Dissociation of Partner When Business Not Wound Up

�� Purchase of dissociated partner�s interest.

�� Power of dissociated partner to bind; liability to partnership.

�� Liability of dissociated partner to other persons.

�� Statement of dissociation.

�� Continued use of partnership name.

Winding Up Partnership Business

�� Events causing dissolution and winding up of partnership business.

�� Partnership continues after dissolution.

�� Right to wind up partnership business.

�� Power of partner to bind partnership after dissolution.

�� Statement of dissolution.

�� Liability of partner to other partners after dissolution.

�� Settlement of accounts and contributions among partners.

REGISTERED LIMITED-LIABILITY PARTNERSHIPS

�� Filing requirements; prohibition against registration for certain illegal purposes; required and optional provisions of certificate of registration.

�� Penalty for purporting to do business as registered limited-liability partnership without registration; enforcement; regulations.

�� Name of partnership: Distinguishable name required; limitations; availability of name of forfeited, merged or otherwise terminated partnership; regulations.

�� Name of partnership: Reinstatement or revival under old or new name; regulations.

�� Amendment of certificate of registration.

�� Termination of registration.

�� Registered agent required.

�� Change of location of principal office.

�� Resignation of registered agent; termination of registration of commercial registered agent.

�� Annual list: Filing requirements; fees; notice; regulations.

�� List or statement to be maintained at principal place of business or with custodian of records; requirement to assist in criminal investigation; failure to comply; regulations.

�� Defaulting partnerships: Identification; penalty; reinstatement of partnership which is unit-owners� association; duties of Secretary of State; revocation of registration.

�� Defaulting partnerships: Conditions and procedure for reinstatement.

�� Dissolution of partnership whose registration has been revoked without additional fees and penalties; regulations.

�� Renewal or revival of registration: Procedure; fee; certificate as evidence; status of partnership.

�� Status of partnership and liability of partners not affected by errors in certain filed information.

FOREIGN REGISTERED LIMITED-LIABILITY PARTNERSHIPS

�� Penalty for doing business without registration; enforcement; regulations.

�� Annual list: Filing requirements; fees; powers and duties of Secretary of State; regulations.

�� List or statement to be maintained at principal place of business or with custodian of records; requirement to assist in criminal investigation; failure to comply; regulations.

�� Certificate of authorization to transact business.

�� Addresses of managing partners required; failure to file.

�� Defaulting partnerships: Identification; forfeiture of right to transact business; penalty.

�� Defaulting partnerships: Duties of Secretary of State.

�� Defaulting partnerships: Conditions and procedure for reinstatement.

�� Defaulting partnerships: Reinstatement or revival under old or new name; regulations.

�� Renewal or revival of right to transact business: Procedure; fee; certificate as evidence; status of partnership.

MISCELLANEOUS PROVISIONS

�� Form required for filing of records.

�� Procedure to submit replacement page to Secretary of State before actual filing of record.

�� Correction of inaccurate or defective record filed with Secretary of State; cancellation of filings.

�� Fees.

�� Operation of domestic partnership in another jurisdiction; registration of foreign registered limited-liability partnership.

�� Secretary of State authorized to adopt certain regulations to allow partnership to carry out powers and duties through most recent technology.

_________

GENERAL PROVISIONS

�� NRS 87.001 Definitions. As used in this chapter, unless the context otherwise requires, the words and terms defined in and have the meanings ascribed to them in those sections.

�� (Added to NRS by ; A )

�� NRS 87.002 �Business� defined. �Business� includes every business, trade and occupation.

�� (Added to NRS by )

�� NRS 87.007 �State� defined. �State� means a state of the United States, the District of Columbia, the Commonwealth of Puerto Rico or any territory or insular possession subject to the jurisdiction of the United States.

�� (Added to NRS by )

UNIFORM PARTNERSHIP ACT

General Provisions

�� NRS 87.010 Short title. to , inclusive, may be cited as the Uniform Partnership Act.

�� [1:74:1931; 1931 NCL � 5028]—(NRS A )

�� NRS 87.020 Definitions. As used in to , inclusive, unless the context otherwise requires:

�� 1. �Bankrupt� includes bankrupt under the Federal Bankruptcy Act or insolvent under any state insolvent act.

�� 2. �Conveyance� includes every assignment, lease, mortgage or encumbrance.

�� 3. �Court� includes every court and judge having jurisdiction in the case.

�� 4. �Real property� includes land and any interest or estate in land.

�� 5. �Registered limited-liability partnership� means a partnership formed pursuant to an agreement governed by to , inclusive, and registered pursuant to and complying with to , inclusive.

�� [2:74:1931; 1931 NCL � 5028.01]—(NRS A ; ; ; , ; ; ; ; )

�� NRS 87.025 Applicability. The provisions of to , inclusive, apply to a partnership:

�� 1. Which was formed before July 1, 2006, and which does not voluntarily elect to be governed by the provisions of to , inclusive; or

�� 2. Which is formed on or after July 1, 2006, and which voluntarily elects to be governed by the provisions of to , inclusive.

�� (Added to NRS by )

�� NRS 87.030 Interpretation of knowledge and notice.

�� 1. A person has �knowledge� of a fact within the meaning of to , inclusive, not only when the person has actual knowledge thereof, but also when the person has knowledge of such other facts as in the circumstances shows bad faith.

�� 2. A person has �notice� of a fact within the meaning of to , inclusive, when the person who claims the benefit of the notice:

�� (a) States the fact to such person, or

�� (b) Delivers through the mail, or by other means of communication, a written statement of the fact to such person or to a proper person at his or her place of business or residence.

�� [3:74:1931; 1931 NCL � 5028.02]—(NRS A )

�� NRS 87.040 Rules of construction.

�� 1. The rule that statutes in derogation of the common law are to be strictly construed has no application to to , inclusive.

�� 2. The law of estoppel applies to to , inclusive.

�� 3. The law of agency applies to to , inclusive.

�� 4. The Uniform Partnership Act must be interpreted and construed as to effectuate its general purpose to make uniform the law of those states which enact it.

�� 5. The provisions of to , inclusive, shall not be construed so as to impair the obligations of any contract existing on July 1, 1931, nor to affect any action or proceedings begun or right accrued before July 1, 1931.

�� [4:74:1931; 1931 NCL � 5028.03]—(NRS A )

�� NRS 87.050 Rules for cases not provided for in to , inclusive. In any case not provided for in to , inclusive, the rules of law and equity, including the law merchant, govern.

�� [5:74:1931; 1931 NCL � 5028.04]—(NRS A )

Nature of Partnership

�� NRS 87.060 Partnership defined.

�� 1. Except as otherwise provided in subsection 2, a partnership is an association of two or more persons to carry on as co-owners a business for profit, and includes a registered limited-liability partnership.

�� 2. Any association formed under any other statute of this State, or any statute adopted by authority, other than the authority of this State, is not a partnership under to , inclusive, unless the association would have been a partnership in this State before July 1, 1931. The provisions of to , inclusive, apply to limited partnerships except in so far as the statutes relating to such partnerships are inconsistent with it.

�� [6:74:1931; 1931 NCL � 5028.05]—(NRS A ; )

�� NRS 87.070 Rules for determining existence of partnership. In determining whether a partnership exists, these rules apply:

�� 1. Except as provided by , persons who are not partners as to each other are not partners as to third persons.

�� 2. Joint tenancy, tenancy in common, tenancy by the entireties, joint property, common property, or part ownership does not of itself establish a partnership, whether such co-owners do or do not share any profits made by the use of the property.

�� 3. The sharing of gross returns does not of itself establish a partnership, whether or not the persons sharing them have a joint or common right or interest in any property from which the returns are derived.

�� 4. The receipt by a person of a share of the profits of a business is prima facie evidence that the person is a partner in the business, but no such inference may be drawn if such profits were received in payment:

�� (a) As a debt by installments or otherwise;

�� (b) As wages of an employee or rent to a landlord;

�� (c) As an annuity to a surviving spouse or representative of a deceased partner;

�� (d) As interest on a loan, though the amount of payment vary with the profits of the business; or

�� (e) As the consideration for the sale of a goodwill of a business or other property by installments or otherwise.

�� [7:74:1931; 1931 NCL � 5028.06]—(NRS A )

�� NRS 87.080 Property of partnership.

�� 1. All property originally brought into the partnership stock or subsequently acquired by purchase or otherwise, on account of the partnership, is partnership property.

�� 2. Unless the contrary intention appears, property acquired with partnership funds is partnership property.

�� 3. Any estate in real property may be acquired in the partnership name. Title so acquired can be conveyed only in the partnership name.

�� 4. A conveyance to a partnership in the partnership name, though without words of inheritance, passes the entire estate of the grantor unless a contrary intent appears.

�� [8:74:1931; 1931 NCL � 5028.07]

Relations of Partners to Persons Dealing With Partnership

�� NRS 87.090 Partner agent of partnership; restrictions on authority.

�� 1. Every partner is an agent of the partnership for the purpose of its business, and the act of every partner, including the execution in the partnership name of any instrument, for apparently carrying on in the usual way the business of the partnership of which the partner is a member binds the partnership, unless the partner so acting has in fact no authority to act for the partnership in the particular matter, and the person with whom the partner is dealing has knowledge of the fact that the partner has no such authority.

�� 2. An act of a partner which is not apparently for the carrying on of the business of the partnership in the usual way does not bind the partnership unless authorized by the other partners.

�� 3. Except as otherwise provided in subsection 5, unless authorized by the other partners or unless they have abandoned the business, one or more but less than all the partners have no authority to:

�� (a) Assign the partnership property in trust for creditors or on the assignee�s promise to pay the debts of the partnership;

�� (b) Dispose of the goodwill of the business;

�� (c) Do any other act which would make it impossible to carry on the ordinary business of a partnership;

�� (d) Confess a judgment; or

�� (e) Submit a partnership claim or liability to arbitration or reference.

�� 4. No act of a partner in contravention of a restriction on authority shall bind the partnership to persons having knowledge of the restriction.

�� 5. One or more of the partners designated in an agreement among all of the partners may sell all or substantially all of the property of the partnership without the unanimous approval or consent of the partners if:

�� (a) The sale is approved by a vote; or

�� (b) The prior consent of the partners for a sale of all or substantially all of the property has been given in an agreement among the partners,

� and written notice of the sale is sent by registered or certified mail to all partners at least 15 days before the date of the sale.

�� [9:74:1931; 1931 NCL � 5028.08]—(NRS A )

�� NRS 87.100 Conveyance of real property of partnership.

�� 1. Where title to real property is in the partnership name, any partner may convey title to such property by a conveyance signed in the partnership name, but the partnership may recover such property unless the partner�s act binds the partnership under the provisions of subsection 1 of or unless such property has been conveyed by the grantee or a person claiming through such grantee to a holder for value without knowledge that the partner, in making the conveyance, has exceeded his or her authority.

�� 2. Where title to real property is in the name of the partnership, a conveyance signed by a partner, in his or her own name, passes the equitable interest of the partnership, provided the act is one within the authority of the partner under the provisions of subsection 1 of .

�� 3. Where title to real property is in the name of one or more but not all the partners, and the record does not disclose the right of the partnership, the partners in whose name the title stands may convey title to such property, but the partnership may recover such property if the partners� act does not bind the partnership under the provisions of subsection 1 of , unless the purchaser, or his or her assignee, is a holder for value without knowledge.

�� 4. Where the title to real property is in the name of one or more or all the partners, or in a third person in trust for the partnership, a conveyance signed by a partner in the partnership name, or in his or her own name, passes the equitable interest of the partnership, provided the act is one within the authority of the partner under the provisions of subsection 1 of .

�� 5. Where the title to real property is in the names of all the partners a conveyance signed by all the partners passes all their rights in such property.

�� [10:74:1931; 1931 NCL � 5028.09]—(NRS A )

�� NRS 87.110 Partnership bound by admission of partner. An admission or representation made by any partner concerning partnership affairs within the scope of the partner�s authority as conferred by to , inclusive, is evidence against the partnership.

�� [11:74:1931; 1931 NCL � 5028.10]—(NRS A )

�� NRS 87.120 Partnership charged with knowledge of or notice to partner. Notice to any partner of any matter relating to partnership affairs, and the knowledge of the partner acting in the particular matter, acquired while a partner or then present to his or her mind, and the knowledge of any other partner who reasonably could and should have communicated it to the acting partner, operate as notice to or knowledge of the partnership, except in the case of a fraud on the partnership committed by or with the consent of that partner.

�� [12:74:1931; 1931 NCL � 5028.11]

�� NRS 87.130 Partnership bound by partner�s wrongful act. Where by any wrongful act or omission of any partner acting in the ordinary course of the business of the partnership or with the authority of his or her copartners, loss or injury is caused to any person, not being a partner in the partnership, or any penalty is incurred, the partnership is liable therefor to the same extent as the partner so acting or omitting to act.

�� [13:74:1931; 1931 NCL � 5028.12]

�� NRS 87.140 Partnership bound by partner�s breach of trust. The partnership is bound to make good the loss:

�� 1. Where one partner acting within the scope of his or her apparent authority receives money or property of a third person and misapplies it; and

�� 2. Where the partnership in the course of its business receives money or property of a third person and the money or property so received is misapplied by any partner while it is in the custody of the partnership.

�� [14:74:1931; 1931 NCL � 5028.13]

�� NRS 87.150 Nature of partner�s liability.

�� 1. Except as otherwise provided in subsection 2, all partners are liable:

�� (a) Jointly and severally for everything chargeable to the partnership under and .

�� (b) Jointly for all other debts and obligations of the partnership; but any partner may enter into a separate obligation to perform a partnership contract.

�� 2. Subject to subsection 3, a partner in a registered limited-liability partnership is not liable directly or indirectly, by way of indemnification, contribution, assessment or otherwise, for debts, obligations or liabilities of or chargeable to the partnership, whether in contract, tort or otherwise, arising from omissions, negligence, wrongful acts, misconduct or malpractice committed while the partnership is a registered limited-liability partnership and in the course of the partnership business by another partner or an employee, agent or representative of the partnership.

�� 3. Subsection 2 does not affect the liability of a partner in a registered limited-liability partnership for his or her own omissions, negligence, wrongful acts, misconduct or malpractice or that of any person under his or her direct supervision and control.

�� 4. A partner in a registered limited-liability partnership is not a proper party to a proceeding by or against the registered limited-liability partnership, the object of which is to recover damages or enforce the obligations arising out of the acts, omissions, malpractice or misconduct of the type described in subsection 2 unless the partner is personally liable under subsection 3.

�� [15:74:1931; 1931 NCL � 5028.14]—(NRS A )

�� NRS 87.160 Partner by estoppel.

�� 1. When a person, by words spoken or written or by conduct, represents himself or herself, or consents to another representing him or her to any one, as a partner in an existing partnership or with one or more persons not actual partners, the person is liable to any such person to whom such representation has been made who has, on the faith of such representation, given credit to the actual or apparent partnership, and if the person has made such representation or consented to its being made in a public manner the person is liable to such person, whether the representation has or has not been made or communicated to such person so giving credit by or with the knowledge of the apparent partner making the representation or consenting to its being made.

�� (a) When a partnership liability results, the person is liable as though the person were an actual member of the partnership.

�� (b) When no partnership liability results, the person is liable jointly with the other persons, if any, so consenting to the contract or representation as to incur liability, otherwise separately.

�� 2. When a person has been thus represented to be a partner in an existing partnership, or with one or more persons not actual partners, the person is an agent of the persons consenting to such representation to bind them to the same extent and in the same manner as though he or she were a partner in fact, with respect to persons who rely upon the representation. Where all the members of the existing partnership consent to the representation, a partnership act or obligation results; but in all other cases it is the joint act or obligation of the person acting and the persons consenting to the representation.

�� 3. This section does not apply to any person who, by words spoken or written or by conduct, announces an association of persons for the sole purpose of a business development, regardless of whether such an announcement uses, or the association of persons is described by, the terms �partnering� or �joint venturing� or any other similar term, so long as the business development is undertaken by one or more corporations or limited-liability companies.

�� [16:74:1931; 1931 NCL � 5028.15]—(NRS A )

�� NRS 87.170 Liability of incoming partner. A person admitted as a partner into an existing partnership is liable for all the obligations of the partnership arising before admission as though the person had been a partner when such obligations were incurred, except that this liability shall be satisfied only out of partnership property.

�� [17:74:1931; 1931 NCL � 5028.16]

Relations of Partners to One Another

�� NRS 87.180 Rules determining rights and duties of partners. The rights and duties of the partners in relation to the partnership are determined, subject to any agreement between them, by the following rules:

�� 1. Each partner must be repaid his or her contributions, whether by way of capital or advances to the partnership property, and share equally in the profits and surplus remaining after all liabilities, including those to partners, are satisfied. Except as otherwise provided in subsection 2 of , each partner shall contribute towards the losses, whether of capital or otherwise, sustained by the partnership according to his or her share in the profits.

�� 2. The partnership shall indemnify every partner in respect of payments made and personal liabilities reasonably incurred by the partner in the ordinary and proper conduct of its business, or for the preservation of its business or property.

�� 3. A partner, who in aid of the partnership makes any payment or advance beyond the amount of capital which the partner agreed to contribute, must be paid interest from the date of the payment or advance.

�� 4. A partner may receive interest on the capital contributed by him or her only from the date when repayment should be made.

�� 5. All partners have equal rights in the management and conduct of the partnership business.

�� 6. No partner is entitled to remuneration for acting in the partnership business, except that a surviving partner is entitled to reasonable compensation for his or her services in winding up the partnership affairs.

�� 7. No person may become a member of a partnership without the consent of all the partners.

�� 8. Any difference arising as to ordinary matters connected with the partnership business may be decided by a majority of the partners. No act in contravention of any agreement between the partners may be done rightfully without the consent of all the partners.

�� [18:74:1931; 1931 NCL � 5028.17]—(NRS A )

�� NRS 87.190 Partnership�s books. The partnership books shall be kept, subject to any agreement between the partners, at the principal place of business of the partnership, and every partner shall at all times have access to and may inspect and copy any of them.

�� [19:74:1931; 1931 NCL � 5028.18]

�� NRS 87.200 Duty of partners to render information. Partners shall render on demand true and full information of all things affecting the partnership to any partner or the legal representative of any deceased partner or partner under legal disability.

�� [20:74:1931; 1931 NCL � 5028.19]

�� NRS 87.210 Partner accountable as fiduciary.

�� 1. Every partner must account to the partnership for any benefit and hold as trustee for it any profits derived by the partner without the consent of the other partners from any transaction connected with the formation, conduct, or liquidation of the partnership or from any use by the partner of its property.

�� 2. This section applies also to the representatives of a deceased partner engaged in the liquidation of the affairs of the partnership as the personal representatives of the last surviving partner.

�� [21:74:1931; 1931 NCL � 5028.20]

�� NRS 87.220 Right to formal account. Any partner shall have the right to a formal account as to partnership affairs:

�� 1. If the partner is wrongfully excluded from the partnership business or possession of its property by his or her copartners;

�� 2. If the right exists under the terms of any agreement;

�� 3. As provided by ; or

�� 4. Whenever other circumstances render it just and reasonable.

�� [22:74:1931; 1931 NCL � 5028.21]

�� NRS 87.230 Continuation of partnership beyond fixed term.

�� 1. When a partnership for a fixed term or particular undertaking is continued after the termination of such term or particular undertaking without any express agreement, the rights and duties of the partners remain the same as they were at such termination, so far as is consistent with a partnership at will.

�� 2. A continuation of the business by partners or such of them as habitually acted therein during the term, without any settlement or liquidation of the partnership affairs, is prima facie evidence of a continuation of the partnership.

�� [23:74:1931; 1931 NCL � 5028.22]

Property Rights of Partners

�� NRS 87.240 Extent of property rights of partner. The property rights of a partner are:

�� 1. His or her rights in specific partnership property;

�� 2. His or her interest in the partnership; and

�� 3. His or her right to participate in the management.

�� [24:74:1931; 1931 NCL � 5028.23]

�� NRS 87.250 Nature of partner�s right in specific property of partnership.

�� 1. A partner is co-owner with the other partners of specific partnership property holding as a tenant in partnership.

�� 2. The incidents of this tenancy are such that:

�� (a) A partner, subject to the provisions of to , inclusive, and to any agreement between the partners, has an equal right with the other partners to possess specific partnership property for partnership purposes; but a partner has no right to possess such property for any other purpose without the consent of the other partners.

�� (b) A partner�s right in specific partnership property is not assignable except in connection with the assignment of rights of all the partners in the same property.

�� (c) A partner�s right in specific partnership property is not subject to attachment or execution, except on a claim against the partnership. When partnership property is attached for a partnership debt the partners, or any of them, or the representatives of a deceased partner, cannot claim any right under the homestead or exemption laws.

�� (d) On the death of a partner his or her right in specific partnership property vests in the surviving partner or partners, except where the deceased was the last surviving partner, when his or her right in such property vests in his or her legal representative. Such surviving partner or partners, or the legal representative of the last surviving partner, has no right to possess the partnership property for any but a partnership purpose.

�� (e) A partner�s right in specific partnership property is not subject to dower, curtesy or allowances to widows, widowers, heirs or next of kin.

�� [25:74:1931; 1931 NCL � 5028.24]—(NRS A )

�� NRS 87.260 Nature of partner�s interest in partnership. A partner�s interest in the partnership is his or her share of the profits and surplus, and the same is personal property.

�� [26:74:1931; 1931 NCL � 5028.25]

�� NRS 87.270 Assignment of partner�s interest.

�� 1. A conveyance by a partner of his or her interest in the partnership does not of itself dissolve the partnership, nor, as against the other partners in the absence of agreement, entitle the assignee, during the continuance of the partnership, to interfere in the management or administration of the partnership business or affairs, or to require any information or account of partnership transactions, or to inspect the partnership books; but it merely entitles the assignee to receive in accordance with the contract the profits to which the assigning partner would otherwise be entitled.

�� 2. In case of a dissolution of the partnership, the assignee is entitled to receive the assignor�s interest and may require an account from the date only of the last account agreed to by all the partners.

�� [27:74:1931; 1931 NCL � 5028.26]

�� NRS 87.280 Partner�s interest subject to charging order.

�� 1. On due application to a competent court by any judgment creditor of a partner, the court which entered the judgment, order, or decree, or any other court, may charge the interest of the debtor partner with payment of the unsatisfied amount of such judgment debt with interest thereon; and may then or later appoint a receiver of the debtor partner�s share of the profits, and of any other money due or to fall due to the debtor partner in respect of the partnership, and make all other orders, directions, accounts and inquiries which the debtor partner might have made, or which the circumstances of the case may require.

�� 2. The interest charged may be redeemed at any time before foreclosure, or in case of a sale being directed by the court may be purchased without thereby causing a dissolution:

�� (a) With separate property, by any one or more of the partners; or

�� (b) With partnership property, by any one or more of the partners with the consent of all the partners whose interests are not so charged or sold.

�� 3. Nothing in the provisions of to , inclusive, shall be held to deprive a partner of his or her right, if any, under the exemption laws, as regards the partner�s interest in the partnership.

�� [28:74:1931; 1931 NCL � 5028.27]—(NRS A )

Dissolution and Winding Up

�� NRS 87.290 Dissolution defined. The dissolution of a partnership is the change in the relation of the partners caused by any partner ceasing to be associated in the carrying on as distinguished from the winding up of the business.

�� [29:74:1931; 1931 NCL � 5028.28]

�� NRS 87.300 Partnership not terminated by dissolution. On dissolution the partnership is not terminated, but continues until the winding up of partnership affairs is completed.

�� [30:74:1931; 1931 NCL � 5028.29]

�� NRS 87.310 Causes of dissolution. Dissolution is caused:

�� 1. Without violation of the agreement between the partners:

�� (a) By the termination of the definite term or particular undertaking specified in the agreement;

�� (b) By the express will of any partner when no definite term or particular undertaking is specified;

�� (c) By the express will of all the partners who have not assigned their interests or suffered them to be charged for their separate debts, either before or after the termination of any specified term or particular undertaking; or

�� (d) By the expulsion of any partner from the business bona fide in accordance with such a power conferred by the agreement between the partners;

�� 2. In contravention of the agreement between the partners, where the circumstances do not permit a dissolution under any other provision of this section, by the express will of any partner at any time;

�� 3. By any event which makes it unlawful for the business of the partnership to be carried on or for the members to carry it on in partnership;

�� 4. By the death of any partner;

�� 5. By the bankruptcy of any partner or the partnership; or

�� 6. By decree of court under .

�� [31:74:1931; 1931 NCL � 5028.30]

�� NRS 87.320 Dissolution by decree of court.

�� 1. On application by or for a partner the court shall decree a dissolution whenever:

�� (a) A partner has been declared a lunatic in any judicial proceeding or is shown to be of unsound mind;

�� (b) A partner becomes in any other way incapable of performing his or her part of the partnership contract;

�� (c) A partner has been guilty of such conduct as tends to affect prejudicially the carrying on of the business;

�� (d) A partner willfully or persistently commits a breach of the partnership agreement, or otherwise so conducts himself or herself in matters relating to the partnership business that it is not reasonably practicable to carry on the business in partnership with the partner;

�� (e) The business of the partnership can only be carried on at a loss; or

�� (f) Other circumstances render a dissolution equitable.

�� 2. On the application of the purchaser of a partner�s interest under or :

�� (a) After the termination of the specified term or particular undertaking; or

�� (b) At any time if the partnership was a partnership at will when the interest was assigned or when the charging order was issued.

�� [32:74:1931; 1931 NCL � 5028.31]

�� NRS 87.330 General effect of dissolution on authority of partner. Except so far as may be necessary to wind up partnership affairs or to complete transactions begun but not then finished, dissolution terminates all authority of any partner to act for the partnership:

�� 1. With respect to the partners:

�� (a) When the dissolution is not by the act, bankruptcy or death of a partner; or

�� (b) When the dissolution is by such act, bankruptcy or death of a partner, in cases where so requires.

�� 2. With respect to persons not partners, as declared in .

�� [33:74:1931; 1931 NCL � 5028.32]

�� NRS 87.340 Right of partner to contribution from copartners after dissolution. Where the dissolution is caused by the act, death or bankruptcy of a partner, each partner is liable to his or her copartners for his or her share of any liability created by any partner acting for the partnership as if the partnership had not been dissolved unless:

�� 1. The dissolution being by act of any partner, the partner acting for the partnership had knowledge of the dissolution;

�� 2. The dissolution being by the death or bankruptcy of a partner, the partner acting for the partnership had knowledge or notice of the death or bankruptcy; or

�� 3. The liability is one for which the partner is not liable under subsection 2 of .

�� [34:74:1931; 1931 NCL � 5028.33]—(NRS A )

�� NRS 87.350 Power of partner to bind partnership to third persons after dissolution.

�� 1. After dissolution a partner can bind the partnership except as provided in subsection 3:

�� (a) By any act appropriate for winding up partnership affairs or completing transactions unfinished at dissolution.

�� (b) By any transaction which would bind the partnership if dissolution had not taken place, provided the other party to the transaction:

�� (1) Had extended credit to the partnership prior to dissolution and had no knowledge or notice of the dissolution; or

�� (2) Though the other party had not so extended credit, had nevertheless known of the partnership prior to dissolution and, having no knowledge or notice of dissolution, the fact of dissolution had not been advertised in a newspaper of general circulation in the place (or in each place if more than one) at which the partnership business was regularly carried on.

�� 2. The liability of a partner under paragraph (b) of subsection 1 shall be satisfied out of partnership assets alone when such partner had been prior to dissolution:

�� (a) Unknown as a partner to the person with whom the contract is made; and

�� (b) So far unknown and inactive in partnership affairs that the business reputation of the partnership could not be said to have been in any degree due to the partner�s connection with it.

�� 3. The partnership is in no case bound by any act of a partner after dissolution:

�� (a) Where the partnership is dissolved because it is unlawful to carry on the business, unless the act is appropriate for winding up partnership affairs;

�� (b) Where the partner has become bankrupt; or

�� (c) Where the partner has no authority to wind up partnership affairs, except by a transaction with one who:

�� (1) Had extended credit to the partnership prior to dissolution and had no knowledge or notice of the partner�s want of authority; or

�� (2) Had not extended credit to the partnership prior to dissolution, and, having no knowledge or notice of the partner�s want of authority, the fact of the partner�s want of authority has not been advertised in the manner provided for advertising the fact of dissolution in subparagraph (2) of paragraph (b) of subsection 1.

�� 4. Nothing in this section shall affect the liability under of any person who after dissolution represents himself or herself or consents to another representing him or her as a partner in a partnership engaged in carrying on business.

�� [35:74:1931; 1931 NCL � 5028.34]

�� NRS 87.360 Effect of dissolution on partner�s existing liability.

�� 1. The dissolution of the partnership does not of itself discharge the existing liability of any partner.

�� 2. A partner is discharged from any existing liability upon dissolution of the partnership by an agreement to that effect between the partner, the partnership creditor and the person or partnership continuing the business. Such an agreement may be inferred from the course of dealing between the creditor having knowledge of the dissolution and the person or partnership continuing the business.

�� 3. Where a person agrees to assume the existing obligations of a dissolved partnership, the partners whose obligations have been assumed are discharged from any liability to any creditor of the partnership who, knowing of the agreement, consents to a material alteration in the nature or time of payment of such obligations.

�� 4. The individual property of a deceased partner is liable for all obligations of the partnership incurred while the deceased partner was a partner and for which the deceased partner was liable under , but is subject to the prior payment of the deceased partner�s separate debts.

�� [36:74:1931; 1931 NCL � 5028.35]—(NRS A )

�� NRS 87.370 Right to wind up. Unless otherwise agreed the partners who have not wrongfully dissolved the partnership, or the legal representative of the last surviving partner, not bankrupt, has the right to wind up the partnership affairs; provided, however, that any partner or his or her legal representative or assignee, upon cause shown, may obtain winding up by the court.

�� [37:74:1931; 1931 NCL � 5028.36]

�� NRS 87.380 Rights of partners to application of property of partnership.

�� 1. When dissolution is caused in any way, except in contravention of the partnership agreement, each partner as against his or her copartners and all persons claiming through them in respect of their interests in the partnership, unless otherwise agreed, may have the partnership property applied to discharge its liabilities, and the surplus applied to pay in cash the net amount owing to the respective partners. But if dissolution is caused by expulsion of a partner, bona fide under the partnership agreement and if the expelled partner is discharged from all partnership liabilities, either by payment or agreement under subsection 2 of , the expelled partner shall receive in cash only the net amount due him or her from the partnership.

�� 2. When dissolution is caused in contravention of the partnership agreement the rights of the partners shall be as follows:

�� (a) Each partner who has not caused dissolution wrongfully shall have:

�� (1) All the rights specified in subsection 1 of this section; and

�� (2) The right, as against each partner who has caused the dissolution wrongfully, to damages for breach of the agreement.

�� (b) The partners who have not caused the dissolution wrongfully, if they all desire to continue the business in the same name, either by themselves or jointly with others, may do so, during the agreed term for the partnership, and for that purpose may possess the partnership property, provided they secure the payment by bond approved by the court, or pay to any partner who has caused the dissolution wrongfully, the value of his or her interest in the partnership at the dissolution, less any damages recoverable under subparagraph (2) of paragraph (a) of subsection 2, and in like manner indemnify him or her against all present or future partnership liabilities.

�� (c) A partner who has caused the dissolution wrongfully shall have:

�� (1) If the business is not continued under the provisions of paragraph (b) of subsection 2, all the rights of a partner under subsection 1, subject to subparagraph (2) of paragraph (a) of subsection 2; or

�� (2) If the business is continued under paragraph (b) of subsection 2, the right as against his or her copartners and all claiming through them in respect of their interests in the partnership, to have the value of his or her interest in the partnership, less any damages caused to his or her copartners by the dissolution, ascertained and paid to him or her in cash, or the payment secured by bond approved by the court, and to be released from all existing liabilities of the partnership; but in ascertaining the value of the partner�s interest the value of the goodwill of the business shall not be considered.

�� [38:74:1931; 1931 NCL � 5028.37]

�� NRS 87.390 Rights where partnership is dissolved for fraud or misrepresentation. Where a partnership contract is rescinded on the ground of the fraud or misrepresentation of one of the parties thereto, the party entitled to rescind is, without prejudice to any other right, entitled:

�� 1. To a lien on, or a right of retention of, the surplus of the partnership property after satisfying the partnership liabilities to third persons for any sum of money paid by such a party for the purchase of an interest in the partnership and for any capital or advances contributed by him or her;

�� 2. To stand, after all liabilities to third persons have been satisfied, in the place of the creditors of the partnership for any payments made by the party in respect of the partnership liabilities; and

�� 3. To be indemnified by the person guilty of the fraud or making the representation against all debts and liabilities of the partnership.

�� [Part 39:74:1931; 1931 NCL � 5028.38]

�� NRS 87.400 Rules for distribution. In settling accounts between the partners after dissolution, the following rules must be observed, subject to any agreement to the contrary:

�� 1. The assets of the partnership are:

�� (a) The partnership property; and

�� (b) The contributions of the partners specified in subsection 4.

�� 2. The liabilities of the partnership rank in order of payment, as follows:

�� (a) Those owing to creditors other than partners.

�� (b) Those owing to partners other than for capital and profits.

�� (c) Those owing to partners in respect of capital.

�� (d) Those owing to partners in respect of profits.

�� 3. The assets must be applied in order of their declaration in subsection 1 to the satisfaction of the liabilities.

�� 4. Except as otherwise provided in subsection 2 of :

�� (a) The partners shall contribute, as provided by subsection 1 of , the amount necessary to satisfy the liabilities; and

�� (b) If any, but not all, of the partners are insolvent, or, not being subject to process, refuse to contribute, the other partners shall contribute their share of the liabilities, and, in the relative proportions in which they share the profits, the additional amount necessary to pay the liabilities.

�� 5. An assignee for the benefit of creditors or any person appointed by the court may enforce the contributions specified in subsection 4.

�� 6. Any partner or his or her legal representative may enforce the contributions specified in subsection 4, to the extent of the amount which the partner or legal representative has paid in excess of his or her share of the liability.

�� 7. The individual property of a deceased partner is liable for the contributions specified in subsection 4.

�� 8. When partnership property and the individual properties of the partners are in possession of a court for distribution, partnership creditors have priority on partnership property and separate creditors on individual property, saving the rights of lien or secured creditors as heretofore.

�� 9. Where a partner has become bankrupt or a partner�s estate is insolvent, the claims against the partner�s separate property rank in the following order:

�� (a) Those owing to separate creditors.

�� (b) Those owing to partnership creditors.

�� (c) Those owing to partners by way of contribution.

�� [Part 39:74:1931; 1931 NCL � 5028.38]—(NRS A )

�� NRS 87.410 Liability of persons who continue business of partnership in certain cases.

�� 1. When any new partner is admitted into an existing partnership, or when any partner retires and assigns (or the representative of the deceased partner assigns) his or her rights in partnership property to two or more of the partners, or to one or more of the partners and one or more third persons, if the business is continued without liquidation of the partnership affairs, creditors of the first or dissolved partnership are also creditors of the partnership so continuing the business.

�� 2. When all but one partner retire and assign (or the representative of a deceased partner assigns) their rights in partnership property to the remaining partner, who continues the business without liquidation of partnership affairs, either alone or with others, creditors of the dissolved partnership are also creditors of the person or partnership so continuing the business.

�� 3. When any partner retires or dies and the business of the dissolved partnership is continued as set forth in subsections 1 and 2, with the consent of the retired partners or the representative of the deceased partner, but without any assignment of the retired or deceased partner�s right in partnership property, rights of creditors of the dissolved partnership and of the creditors of the person or partnership continuing the business shall be as if such assignment had been made.

�� 4. When all the partners or their representatives assign their rights in partnership property to one or more third persons who promise to pay the debts and who continue the business of the dissolved partnership, creditors of the dissolved partnership are also creditors of the person or partnership continuing the business.

�� 5. When any partner wrongfully causes a dissolution and the remaining partners continue the business under the provisions of paragraph (b) of subsection 2 of , either alone or with others, and without liquidation of the partnership affairs, creditors of the dissolved partnership are also creditors of the person or partnership continuing the business.

�� 6. When a partner is expelled and the remaining partners continue the business either alone or with others, without liquidation of the partnership affairs, creditors of the dissolved partnership are also creditors of the person or partnership continuing the business.

�� 7. The liability of a third person becoming a partner in the partnership continuing the business, under this section, to the creditors of the dissolved partnership shall be satisfied out of partnership property only.

�� 8. When the business of a partnership after dissolution is continued under any conditions set forth in this section the creditors of the dissolved partnership, as against the separate creditors of the retiring or deceased partner or the representative of the deceased partner, have a prior right to any claim of the retired partner or the representative of the deceased partner against the person or partnership continuing the business, on account of the retired or deceased partner�s interest in the dissolved partnership or on account of any consideration promised for such interest or for the retired or deceased partner�s right in partnership property.

�� 9. Nothing in this section shall be held to modify any right of creditors to set aside any assignment on the ground of fraud.

�� 10. The use by the person or partnership continuing the business of the partnership name, or the name of the deceased partner as part thereof, shall not of itself make the individual property of the deceased partner liable for any debts contracted by such person or partnership.

�� [40:74:1931; 1931 NCL � 5028.39]

�� NRS 87.420 Rights of retiring or estate of deceased partner when business of partnership is continued. When any partner retires or dies, and the business is continued under any of the conditions set forth in subsections 1, 2, 3, 5 and 6 of , or paragraph (b) of subsection 2 of , without any settlement of accounts as between the retired or deceased partner or his or her estate and the person or partnership continuing the business, unless otherwise agreed, the retired or deceased partner or his or her legal representative as against such persons or partnership may have the value of the retired or deceased partner�s interest at the date of dissolution ascertained, and shall receive as an ordinary creditor an amount equal to the value of the retired or deceased partner�s interest in the dissolved partnership with interest, or, at the retired or deceased partner�s option or at the option of his or her legal representative, in lieu of interest, the profits attributable to the use of the retired or deceased partner�s right in the property of the dissolved partnership; provided that the creditors of the dissolved partnership as against the separate creditors, or the representative of the retired or deceased partner, shall have priority on any claim arising under this section as provided by subsection 8 of .

�� [41:74:1931; 1931 NCL � 5028.40]

�� NRS 87.430 Accrual of actions. The right to an account of a partner�s interest shall accrue to any partner, or his or her legal representative, as against the winding up partners or the surviving partners or the person or partnership continuing the business, at the date of dissolution, in the absence of any agreement to the contrary.

�� [42:74:1931; 1931 NCL � 5028.41]

UNIFORM PARTNERSHIP ACT (1997)

General Provisions

�� NRS 87.4301 Short title. to , inclusive, may be cited as the Uniform Partnership Act (1997).

�� (Added to NRS by )

�� NRS 87.4302 Definitions. As used in to , inclusive, unless the context otherwise requires, the words and terms defined in to , inclusive, have the meanings ascribed to them in those sections.

�� (Added to NRS by )

�� NRS 87.4303 �Debtor in bankruptcy� defined. �Debtor in bankruptcy� means a person who is the subject of:

�� 1. An order for relief under Title 11 of the United States Code or a comparable order under a successor statute of general application; or

�� 2. A comparable order under federal, state or foreign law governing insolvency.

�� (Added to NRS by )

�� NRS 87.4304 �Distribution� defined. �Distribution� means a transfer of money or other property from a partnership to a partner in the partner�s capacity as a partner or to the partner�s transferee.

�� (Added to NRS by )

�� NRS 87.4305 �Partnership� defined. �Partnership� means an association of two or more persons to carry on as co-owners of a business for profit formed under , predecessor law or comparable law of another jurisdiction.

�� (Added to NRS by )

�� NRS 87.4306 �Partnership agreement� defined. �Partnership agreement� means the agreement, whether written, oral or implied, among the partners concerning the partnership, including amendments to the partnership agreement.

�� (Added to NRS by )

�� NRS 87.4307 �Partnership at will� defined. �Partnership at will� means a partnership in which the partners have not agreed to remain partners until the expiration of a definite term or the completion of a particular undertaking.

�� (Added to NRS by )

�� NRS 87.4308 �Partnership interest� and �partner�s interest in the partnership� defined. �Partnership interest� or �partner�s interest in the partnership� means all of a partner�s interests in the partnership, including the partner�s transferable interest and all management and other rights.

�� (Added to NRS by )

�� NRS 87.4309 �Person� defined. �Person� means any natural person, corporation, business trust, estate, trust, partnership, association, joint venture, government or governmental subdivision, agency or instrumentality or any other legal or commercial entity.

�� (Added to NRS by )

�� NRS 87.431 �Property� defined. �Property� means all property, real, personal or mixed, tangible or intangible, or any interest therein.

�� (Added to NRS by )

�� NRS 87.4311 �Registered limited-liability partnership� defined. �Registered limited-liability partnership� means a partnership formed pursuant to an agreement governed by to , inclusive, and registered pursuant to and complying with to , inclusive.

�� (Added to NRS by ; A ; )

�� NRS 87.4312 �Statement� defined. �Statement� means:

�� 1. A statement of partnership authority under ;

�� 2. A statement of denial under ;

�� 3. A statement of dissociation under ;

�� 4. A statement of dissolution under ; or

�� 5. An amendment or cancellation of any of the statements set forth in subsections 1 to 4, inclusive.

�� (Added to NRS by )

�� NRS 87.4313 �Transfer� defined. �Transfer� includes an assignment, conveyance, lease, mortgage, deed and encumbrance.

�� (Added to NRS by )

�� NRS 87.4314 Applicability. The provisions of to , inclusive, apply to a partnership:

�� 1. Which voluntarily elects to be governed by the provisions of to , inclusive; or

�� 2. Which is formed on or after July 1, 2006, and which does not voluntarily elect to be governed by the provisions of to , inclusive.

�� (Added to NRS by ; A )

�� NRS 87.4315 Knowledge and notice.

�� 1. A person knows a fact if the person has actual knowledge of it.

�� 2. A person has notice of a fact if the person:

�� (a) Knows of it;

�� (b) Has received a notification of it; or

�� (c) Has reason to know it exists from all of the facts known to the person at the time in question.

�� 3. A person notifies or gives a notification to another by taking steps reasonably required to inform the other person in ordinary course, whether or not the other person learns of it.

�� 4. A person receives a notification when the notification:

�� (a) Comes to the person�s attention; or

�� (b) Is duly delivered at the person�s place of business or at any other place held out by the person as a place for receiving communications.

�� 5. Except as otherwise provided in subsection 6, a person other than a natural person knows, has notice, or receives a notification of a fact for purposes of a particular transaction when the natural person conducting the transaction knows, has notice, or receives a notification of the fact, or in any event when the fact would have been brought to the natural person�s attention if the person had exercised reasonable diligence. The person exercises reasonable diligence if it maintains reasonable routines for communicating significant information to the natural person conducting the transaction and there is reasonable compliance with the routines. Reasonable diligence does not require a natural person acting for the person to communicate information unless the communication is part of the natural person�s regular duties or the natural person has reason to know of the transaction and that the transaction would be materially affected by the information.

�� 6. A partner�s knowledge, notice, or receipt of a notification of a fact relating to the partnership is effective immediately as knowledge by, notice to, or receipt of a notification by the partnership, except in the case of a fraud on the partnership committed by or with the consent of that partner.

�� (Added to NRS by )

�� NRS 87.4316 Effect of partnership agreement; nonwaivable provisions.

�� 1. Except as otherwise provided in subsection 2, relations among the partners and between the partners and the partnership are governed by the partnership agreement. To the extent the partnership agreement does not otherwise provide, to , inclusive, govern relations among the partners and between the partners and the partnership.

�� 2. The partnership agreement may not:

�� (a) Vary the rights and duties under except to eliminate the duty to provide copies of statements to all of the partners;

�� (b) Unreasonably restrict the right of access to books and records under subsection 2 of ;

�� (c) Eliminate the duty of loyalty under subsection 2 of or paragraph (c) of subsection 2 of , but:

�� (1) The partnership agreement may identify specific types or categories of activities that do not violate the duty of loyalty, if not manifestly unreasonable; or

�� (2) All of the partners or a number or percentage specified in the partnership agreement may authorize or ratify, after full disclosure of all material facts, a specific act or transaction that otherwise would violate the duty of loyalty;

�� (d) Unreasonably reduce the duty of care under subsection 3 of or paragraph (c) of subsection 2 of ;

�� (e) Eliminate the obligation of good faith and fair dealing under subsection 4 of , but the partnership agreement may prescribe the standards by which the performance of the obligation is to be measured, if the standards are not manifestly unreasonable;

�� (f) Vary the power to dissociate as a partner under subsection 1 of , except to require the notice under subsection 1 of to be in writing;

�� (g) Vary the right of a court to expel a partner in the events specified in subsection 5 of ;

�� (h) Vary the requirement to wind up the partnership business in cases specified in subsection 4, 5 or 6 of ;

�� (i) Vary the law applicable to a registered limited-liability partnership pursuant to ; or

�� (j) Restrict rights of third parties pursuant to to , inclusive.

�� (Added to NRS by )

�� NRS 87.4317 Supplemental principles of law.

�� 1. Unless displaced by particular provisions of to , inclusive, the principles of law and equity supplement the provisions of to , inclusive.

�� 2. If an obligation to pay interest arises pursuant to to , inclusive, and the rate is not specified, the rate is that specified in .

�� (Added to NRS by )

�� NRS 87.4318 Execution, filing and recording of statements.

�� 1. A statement may be filed in the Office of the Secretary of State. A certified copy of a statement that is filed in an office in another state may be filed in the Office of the Secretary of State. Either filing has the effect provided in to , inclusive, with respect to partnership property located in or transactions that occur in this State.

�� 2. A certified copy of a statement that has been filed in the Office of the Secretary of State and recorded in the office of the applicable county recorder has the effect provided for recorded statements in to , inclusive. A recorded statement that is not a certified copy of a statement filed in the Office of the Secretary of State does not have the effect provided for recorded statements in to , inclusive.

�� 3. A statement filed by a partnership must be executed by at least two partners. Other statements must be executed by a partner or other person authorized by to , inclusive. A natural person who executes a statement as, or on behalf of, a partner or other person named as a partner in a statement shall personally declare under penalty of perjury that the contents of the statement are accurate.

�� 4. A person authorized by to , inclusive, to file a statement may amend or cancel the statement by filing an amendment or cancellation that names the partnership, identifies the statement and states the substance of the amendment or cancellation.

�� 5. A person who files a statement pursuant to this section shall promptly send a copy of the statement to every nonfiling partner and to any other person named as a partner in the statement. Failure to send a copy of a statement to a partner or other person does not limit the effectiveness of the statement as to a person not a partner.

�� (Added to NRS by )

�� NRS 87.4319 Governing law. Except as otherwise provided in , the law of the jurisdiction in which a partnership has its chief executive office governs relations among the partners and between the partners and the partnership.

�� (Added to NRS by )

�� NRS 87.432 Partnership subject to amendment to or repeal of to , inclusive. A partnership governed by to , inclusive, is subject to any amendment to or repeal of to , inclusive.

�� (Added to NRS by )

Nature of Partnership

�� NRS 87.4321 Partnership as entity.

�� 1. A partnership is an entity distinct from its partners.

�� 2. A registered limited-liability partnership continues to be the same entity that existed before the filing of a certificate of registration pursuant to .

�� (Added to NRS by )

�� NRS 87.4322 Formation of partnership.

�� 1. Except as otherwise provided in subsection 2, the association of two or more persons to carry on as co-owners of a business for profit forms a partnership, whether or not the persons intend to form a partnership.

�� 2. An association formed under a statute other than to , inclusive, a predecessor statute or a comparable statute of another jurisdiction is not a partnership under to , inclusive.

�� 3. In determining whether a partnership is formed, the following rules apply:

�� (a) Joint tenancy, tenancy in common, tenancy by the entireties, joint property, common property or part ownership does not by itself establish a partnership, even if the co-owners share profits made by the use of the property.

�� (b) The sharing of gross returns does not by itself establish a partnership, even if the persons sharing them have a joint or common right or interest in property from which the returns are derived.

�� (c) A person who receives a share of the profits of a business is presumed to be a partner in the business, unless the profits were received in payment:

�� (1) Of a debt by installments or otherwise;

�� (2) For services as an independent contractor or of wages or other compensation to an employee;

�� (3) Of rent;

�� (4) Of an annuity or other retirement or health benefit to a beneficiary, representative or designee of a deceased or retired partner;

�� (5) Of interest or other charge on a loan, even if the amount of payment varies with the profits of the business, including a direct or indirect present or future ownership of the collateral, or rights to income, proceeds or increase in value derived from the collateral; or

�� (6) For the sale of the goodwill of a business or other property by installments or otherwise.

�� (Added to NRS by )

�� NRS 87.4323 Partnership property. Property acquired by a partnership is property of the partnership and not of the partners individually.

�� (Added to NRS by )

�� NRS 87.4324 When property is partnership property.

�� 1. Property is partnership property if acquired in the name of:

�� (a) The partnership; or

�� (b) One or more partners with an indication in the instrument transferring title to the property of the person�s capacity as a partner or of the existence of a partnership but without an indication of the name of the partnership.

�� 2. Property is acquired in the name of the partnership by a transfer to:

�� (a) The partnership in its name; or

�� (b) One or more partners in their capacity as partners in the partnership, if the name of the partnership is indicated in the instrument transferring title to the property.

�� 3. Property is presumed to be partnership property if purchased with partnership assets, even if not acquired in the name of the partnership or of one or more partners with an indication in the instrument transferring title to the property of the person�s capacity as a partner or of the existence of a partnership.

�� 4. Property acquired in the name of one or more of the partners, without an indication in the instrument transferring title to the property of the person�s capacity as a partner or of the existence of a partnership and without use of partnership assets, is presumed to be separate property, even if used for partnership purposes.

�� (Added to NRS by )

Relations of Partners to Persons Dealing With Partnership

�� NRS 87.4325 Partner agent of partnership. Subject to the effect of a statement of partnership authority under :

�� 1. Each partner is an agent of the partnership for the purpose of its business. An act of a partner, including the execution of an instrument in the partnership name, for apparently carrying on in the ordinary course the partnership business or business of the kind carried on by the partnership binds the partnership, unless the partner had no authority to act for the partnership in the particular matter and the person with whom the partner was dealing knew or had received a notification that the partner lacked authority.

�� 2. An act of a partner which is not apparently for carrying on in the ordinary course the partnership business or business of the kind carried on by the partnership binds the partnership only if the act was authorized by the other partners.

�� (Added to NRS by )

�� NRS 87.4326 Transfer of partnership property.

�� 1. Partnership property may be transferred as follows:

�� (a) Subject to the effect of a statement of partnership authority under , partnership property held in the name of the partnership may be transferred by an instrument of transfer executed by a partner in the partnership name.

�� (b) Partnership property held in the name of one or more partners with an indication in the instrument transferring the property to them of their capacity as partners or of the existence of a partnership, but without an indication of the name of the partnership, may be transferred by an instrument of transfer executed by the persons in whose name the property is held.

�� (c) Partnership property held in the name of one or more persons other than the partnership, without an indication in the instrument transferring the property to them of their capacity as partners or of the existence of a partnership, may be transferred by an instrument of transfer executed by the persons in whose name the property is held.

�� 2. A partnership may recover partnership property from a transferee only if it proves that execution of the instrument of initial transfer did not bind the partnership under and:

�� (a) As to a subsequent transferee who gave value for property transferred under paragraph (a) or (b) of subsection 1, proves that the subsequent transferee knew or had received a notification that the person who executed the instrument of initial transfer lacked authority to bind the partnership; or

�� (b) As to a transferee who gave value for property transferred under paragraph (c) of subsection 1, proves that the transferee knew or had received a notification that the property was partnership property and that the person who executed the instrument of initial transfer lacked authority to bind the partnership.

�� 3. A partnership may not recover partnership property from a subsequent transferee if the partnership would not have been entitled to recover the property, under subsection 2, from any earlier transferee of the property.

�� 4. If a person holds all of the partners� interests in the partnership, all of the partnership property vests in that person. The person may execute a document in the name of the partnership to evidence vesting of the property in that person and may file or record the document.

�� (Added to NRS by )

�� NRS 87.4327 Statement of partnership authority.

�� 1. A partnership may file a statement of partnership authority, which:

�� (a) Must include:

�� (1) The name of the partnership;

�� (2) The street address of its chief executive office and of one office in this State, if there is one;

�� (3) The names and mailing addresses of all of the partners or of an agent appointed and maintained by the partnership for the purpose of subsection 2; and

�� (4) The names of the partners authorized to execute an instrument transferring real property held in the name of the partnership; and

�� (b) May state the authority, or limitations on the authority, of some or all of the partners to enter into other transactions on behalf of the partnership and any other matter.

�� 2. If a statement of partnership authority names an agent, the agent shall maintain a list of the names and mailing addresses of all of the partners and make it available to any person on request for good cause shown.

�� 3. If a filed statement of partnership authority is executed pursuant to subsection 3 of and states the name of the partnership but does not contain all of the other information required by subsection 1, the statement nevertheless operates with respect to a person not a partner as provided in subsections 4 and 5.

�� 4. Except as otherwise provided in subsection 7, a filed statement of partnership authority supplements the authority of a partner to enter into transactions on behalf of the partnership as follows:

�� (a) Except for transfers of real property, a grant of authority contained in a filed statement of partnership authority is conclusive in favor of a person who gives value without knowledge to the contrary, so long as and to the extent that a limitation on that authority is not then contained in another filed statement. A filed cancellation of a limitation on authority revives the previous grant of authority.

�� (b) A grant of authority to transfer real property held in the name of the partnership contained in a certified copy of a filed statement of partnership authority recorded in the office for recording transfers of that real property is conclusive in favor of a person who gives value without knowledge to the contrary, so long as and to the extent that a certified copy of a filed statement containing a limitation on that authority is not then of record in the office for recording transfers of that real property. The recording in the office for recording transfers of that real property of a certified copy of a filed cancellation of a limitation on authority revives the previous grant of authority.

�� 5. A person not a partner is deemed to know of a limitation on the authority of a partner to transfer real property held in the name of the partnership if a certified copy of the filed statement containing the limitation on authority is of record in the office for recording transfers of that real property.

�� 6. Except as otherwise provided in subsections 4 and 5 and and , a person not a partner is not deemed to know of a limitation on the authority of a partner merely because the limitation is contained in a filed statement.

�� 7. Unless earlier cancelled, a filed statement of partnership authority is cancelled by operation of law 5 years after the date on which the statement, or the most recent amendment, was filed with the Secretary of State.

�� (Added to NRS by )

�� NRS 87.4328 Statement of denial. A partner or other person named as a partner in a filed statement of partnership authority or in a list maintained by an agent pursuant to subsection 2 of may file a statement of denial stating the name of the partnership and the fact that is being denied, which may include denial of a person�s authority or status as a partner. A statement of denial is a limitation on authority as provided in subsections 4 and 5 of .

�� (Added to NRS by )

�� NRS 87.4329 Partnership liable for actionable conduct of partner.

�� 1. A partnership is liable for loss or injury caused to a person, or for a penalty incurred, as a result of a wrongful act or omission, or other actionable conduct, of a partner acting in the ordinary course of business of the partnership or with authority of the partnership.

�� 2. If, in the course of the partnership�s business or while acting with authority of the partnership, a partner receives or causes the partnership to receive money or property of a person not a partner, and the money or property is misapplied by a partner, the partnership is liable for the loss.

�� (Added to NRS by )

�� NRS 87.433 Liability of partners.

�� 1. Except as otherwise provided in subsections 2 and 3, all partners are liable jointly and severally for all obligations of the partnership unless otherwise agreed by the claimant or provided by law.

�� 2. A person admitted as a partner into an existing partnership is not personally liable for any partnership obligation incurred before the person�s admission as a partner.

�� 3. An obligation of a partnership incurred while the partnership is a registered limited-liability partnership, whether arising in contract, tort or otherwise, is solely the obligation of the partnership. A partner is not personally liable, directly or indirectly, by way of contribution or otherwise, for such an obligation solely by reason of being or so acting as a partner. This subsection applies notwithstanding anything inconsistent in the partnership agreement that existed immediately before the filing of a certificate of registration pursuant to .

�� (Added to NRS by )

�� NRS 87.4331 Actions by and against partnership and partners.

�� 1. A partnership may sue and be sued in the name of the partnership.

�� 2. An action may be brought against the partnership and, to the extent not inconsistent with , any or all of the partners in the same action or in separate actions.

�� 3. A judgment against a partnership is not by itself a judgment against a partner. A judgment against a partnership may not be satisfied from a partner�s assets unless there is also a judgment against the partner.

�� 4. A judgment creditor of a partner may not levy execution against the assets of the partner to satisfy a judgment based on a claim against the partnership unless the partner is personally liable for the claim under and:

�� (a) A judgment based on the same claim has been obtained against the partnership and a writ of execution on the judgment has been returned unsatisfied in whole or in part;

�� (b) The partnership is a debtor in bankruptcy;

�� (c) The partner has agreed that the creditor need not exhaust partnership assets;

�� (d) A court grants permission to the judgment creditor to levy execution against the assets of a partner based on a finding that partnership assets subject to execution are clearly insufficient to satisfy the judgment, that exhaustion of partnership assets is excessively burdensome or that the grant of permission is an appropriate exercise of the court�s equitable powers; or

�� (e) Liability is imposed on the partner by law or contract independent of the existence of the partnership.

�� 5. This section applies to any partnership liability or obligation resulting from a representation by a partner or purported partner under .

�� (Added to NRS by )

�� NRS 87.4332 Liability of purported partner.

�� 1. If a person, by words or conduct, purports to be a partner, or consents to being represented by another as a partner, in a partnership or with one or more persons not partners, the purported partner is liable to a person to whom the representation is made, if that person, relying on the representation, enters into a transaction with the actual or purported partnership. If the representation, either by the purported partner or by a person with the purported partner�s consent, is made in a public manner, the purported partner is liable to a person who relies upon the purported partnership even if the purported partner is not aware of being held out as a partner to the claimant. If partnership liability results, the purported partner is liable with respect to that liability as if the purported partner were a partner. If no partnership liability results, the purported partner is liable with respect to that liability jointly and severally with any other person consenting to the representation.

�� 2. If a person is thus represented to be a partner in an existing partnership, or with one or more persons not partners, the purported partner is an agent of persons consenting to the representation to bind them to the same extent and in the same manner as if the purported partner were a partner, with respect to persons who enter into transactions in reliance upon the representation. If all of the partners of the existing partnership consent to the representation, a partnership act or obligation results. If fewer than all of the partners of the existing partnership consent to the representation, the person acting and the partners consenting to the representation are jointly and severally liable.

�� 3. A person is not liable as a partner merely because the person is named by another in a statement of partnership authority.

�� 4. A person does not continue to be liable as a partner merely because of a failure to file a statement of dissociation or to amend a statement of partnership authority to indicate the partner�s dissociation from the partnership.

�� 5. Except as otherwise provided in subsections 1 and 2, persons who are not partners as to each other are not liable as partners to other persons.

�� 6. Subsections 1 and 2 do not apply to any person who, by words spoken or written or conduct, announces an association of persons for the sole purpose of a business development, regardless of whether such an announcement uses, or the association of persons is described by, the terms �partnering� or �joint venturing� or any other similar term, so long as the business development is undertaken by one or more corporations or limited-liability companies.

�� (Added to NRS by ; A )

Relations of Partners to Each Other and to Partnership

�� NRS 87.4333 Rights and duties of partner.

�� 1. Each partner is deemed to have an account that is:

�� (a) Credited with an amount equal to the money plus the value of any other property, net of the amount of any liabilities, the partner contributes to the partnership and the partner�s share of the partnership profits; and

�� (b) Charged with an amount equal to the money plus the value of any other property, net of the amount of any liabilities, distributed by the partnership to the partner and the partner�s share of the partnership losses.

�� 2. Each partner is entitled to an equal share of the partnership profits and is chargeable with a share of the partnership losses in proportion to the partner�s share of the profits.

�� 3. A partnership shall reimburse a partner for payments made and indemnify a partner for liabilities incurred by the partner in the ordinary course of the business of the partnership or for the preservation of its business or property.

�� 4. A partnership shall reimburse a partner for an advance to the partnership beyond the amount of capital the partner agreed to contribute.

�� 5. A payment or advance made by a partner which gives rise to a partnership obligation under subsection 3 or 4 constitutes a loan to the partnership which accrues interest from the date of the payment or advance.

�� 6. Each partner has equal rights in the management and conduct of the partnership business.

�� 7. A partner may use or possess partnership property only on behalf of the partnership.

�� 8. A partner is not entitled to remuneration for services performed for the partnership, except for reasonable compensation for services rendered in winding up the business of the partnership.

�� 9. A person may become a partner only with the consent of all of the partners.

�� 10. A difference arising as to a matter in the ordinary course of business of a partnership may be decided by a majority of the partners. An act outside the ordinary course of business of a partnership and an amendment to the partnership agreement may be undertaken only with the consent of all of the partners.

�� 11. This section does not affect the obligations of a partnership to other persons under .

�� (Added to NRS by )

�� NRS 87.4334 Distributions in kind. A partner has no right to receive, and may not be required to accept, a distribution in kind.

�� (Added to NRS by )

�� NRS 87.4335 Rights and duties of partner with respect to information.

�� 1. A partnership shall keep its books and records, if any, at its chief executive office.

�� 2. A partnership shall provide partners and their agents and attorneys access to its books and records. It shall provide former partners and their agents and attorneys access to books and records pertaining to the period during which they were partners. The right of access provides the opportunity to inspect and copy books and records during ordinary business hours. A partnership may impose a reasonable charge, covering the costs of labor and material, for copies of documents furnished.

�� 3. Each partner and the partnership shall furnish to a partner, and to the legal representative of a deceased partner or partner under legal disability:

�� (a) Without demand, any information concerning the partnership�s business and affairs reasonably required for the proper exercise of the partner�s rights and duties under the partnership agreement or to , inclusive; and

�� (b) On demand, any other information concerning the partnership�s business and affairs, except to the extent the demand or the information demanded is unreasonable or otherwise improper under the circumstances.

�� (Added to NRS by )

�� NRS 87.4336 Conduct of partner: General standards.

�� 1. The only fiduciary duties a partner owes to the partnership and the other partners are the duty of loyalty and the duty of care set forth in subsections 2 and 3.

�� 2. A partner�s duty of loyalty to the partnership and the other partners is limited to the following:

�� (a) To account to the partnership and hold as trustee for it any property, profit or benefit derived by the partner in the conduct and winding up of the partnership business or derived from a use by the partner of partnership property, including the appropriation of a partnership opportunity;

�� (b) To refrain from dealing with the partnership in the conduct or winding up of the partnership business as or on behalf of a party having an interest adverse to the partnership; and

�� (c) To refrain from competing with the partnership in the conduct of the partnership business before the dissolution of the partnership.

�� 3. A partner�s duty of care to the partnership and the other partners in the conduct and winding up of the partnership business is limited to refraining from engaging in grossly negligent or reckless conduct, intentional misconduct or a knowing violation of law.

�� 4. A partner shall discharge the duties to the partnership and the other partners under to , inclusive, or under the partnership agreement and exercise any rights consistently with the obligation of good faith and fair dealing.

�� 5. A partner does not violate a duty or obligation under to , inclusive, or under the partnership agreement merely because the partner�s conduct furthers the partner�s own interest.

�� 6. A partner may lend money to and transact other business with the partnership, and as to each loan or transaction the rights and obligations of the partner are the same as those of a person who is not a partner, subject to other applicable law.

�� 7. This section applies to a person winding up the partnership business as the personal or legal representative of the last surviving partner as if the person were a partner.

�� (Added to NRS by )

�� NRS 87.4337 Actions by partnership and partners.

�� 1. A partnership may maintain an action against a partner for a breach of the partnership agreement, or for the violation of a duty to the partnership, causing harm to the partnership.

�� 2. A partner may maintain an action against the partnership or another partner for legal or equitable relief, with or without an accounting as to partnership business, to:

�� (a) Enforce the partner�s rights under the partnership agreement;

�� (b) Enforce the partner�s rights under to , inclusive, including:

�� (1) The partner�s rights under , or ;

�� (2) The partner�s right on dissociation to have the partner�s interest in the partnership purchased pursuant to or enforce any other right under to , inclusive; or

�� (3) The partner�s right to compel a dissolution and winding up of the partnership business under or enforce any other right under to , inclusive; or

�� (c) Enforce the rights and otherwise protect the interests of the partner, including rights and interests arising independently of the partnership relationship.

�� 3. The accrual of, and any time limitation on, a right of action for a remedy under this section is governed by other law. A right to an accounting upon a dissolution and winding up does not revive a claim barred by law.

�� (Added to NRS by )

�� NRS 87.4338 Continuation of partnership beyond definite term or particular undertaking.

�� 1. If a partnership for a definite term or particular undertaking is continued, without an express agreement, after the expiration of the term or completion of the undertaking, the rights and duties of the partners remain the same as they were at the expiration or completion, so far as is consistent with a partnership at will.

�� 2. If the partners, or those of them who habitually acted in the business during the term or undertaking, continue the business without any settlement or liquidation of the partnership, they are presumed to have agreed that the partnership will continue.

�� (Added to NRS by )

Transferees and Creditors of Partner

�� NRS 87.4339 Partner not co-owner of partnership property. A partner is not a co-owner of partnership property and has no interest in partnership property which can be transferred, either voluntarily or involuntarily.

�� (Added to NRS by )

�� NRS 87.434 Transferable interest of partner in partnership. The only transferable interest of a partner in the partnership is the partner�s share of the profits and losses of the partnership and the partner�s right to receive distributions. The interest is personal property.

�� (Added to NRS by )

�� NRS 87.4341 Transfer of transferable interest of partner.

�� 1. A transfer, in whole or in part, of a partner�s transferable interest in the partnership:

�� (a) Is permissible;

�� (b) Does not by itself cause the partner�s dissociation or a dissolution and winding up of the partnership business; and

�� (c) Does not, as against the other partners or the partnership, entitle the transferee, during the continuance of the partnership, to participate in the management or conduct of the partnership business, to require access to information concerning partnership transactions or to inspect or copy the partnership books or records.

�� 2. A transferee of a partner�s transferable interest in the partnership has a right:

�� (a) To receive, in accordance with the transfer, distributions to which the transferor would otherwise be entitled;

�� (b) To receive upon the dissolution and winding up of the partnership business, in accordance with the transfer, the net amount otherwise distributable to the transferor; and

�� (c) To seek under subsection 6 of a judicial determination that it is equitable to wind up the partnership business.

�� 3. In a dissolution and winding up, a transferee is entitled to an account of partnership transactions only from the date of the latest account agreed to by all of the partners.

�� 4. Upon transfer, the transferor retains the rights and duties of a partner other than the interest in distributions transferred.

�� 5. A partnership need not give effect to a transferee�s rights under this section until it has notice of the transfer.

�� 6. A transfer of a partner�s transferable interest in the partnership in violation of a restriction on transfer contained in the partnership agreement is ineffective as to a person having notice of the restriction at the time of transfer.

�� (Added to NRS by )

�� NRS 87.4342 Transferable interest of partner subject to charging order.

�� 1. On application by a judgment creditor of a partner or of a partner�s transferee, a court having jurisdiction may charge the transferable interest of the judgment debtor to satisfy the judgment. The court may appoint a receiver of the share of the distributions due or to become due to the judgment debtor in respect of the partnership and make all other orders, directions, accounts and inquiries the judgment debtor might have made or which the circumstances of the case may require.

�� 2. A charging order constitutes a lien on the judgment debtor�s transferable interest in the partnership. The court may order a foreclosure of the interest subject to the charging order at any time. The purchaser at the foreclosure sale has the rights of a transferee.

�� 3. At any time before foreclosure, an interest charged may be redeemed:

�� (a) By the judgment debtor;

�� (b) With property other than partnership property, by one or more of the other partners; or

�� (c) With partnership property, by one or more of the other partners with the consent of all of the partners whose interests are not so charged.

�� 4. to , inclusive, does not deprive a partner of a right under exemption laws with respect to the partner�s interest in the partnership.

�� 5. This section provides the exclusive remedy by which a judgment creditor of a partner or partner�s transferee may satisfy a judgment out of the judgment debtor�s transferable interest in the partnership.

�� (Added to NRS by )

Dissociation of Partner

�� NRS 87.4343 Events causing dissociation. A partner is dissociated from a partnership upon the occurrence of any of the following events:

�� 1. The partnership�s having notice of the partner�s express will to withdraw as a partner or on a later date specified by the partner;

�� 2. An event agreed to in the partnership agreement as causing the partner�s dissociation;

�� 3. The partner�s expulsion pursuant to the partnership agreement;

�� 4. The partner�s expulsion by the unanimous vote of the other partners if:

�� (a) It is unlawful to carry on the partnership business with that partner;

�� (b) There has been a transfer of all or substantially all of that partner�s transferable interest in the partnership, other than a transfer for security purposes, or a court order charging the partner�s interest, which has not been foreclosed;

�� (c) Within 90 days after the partnership notifies a corporate partner that it will be expelled because it has filed a certificate of dissolution or the equivalent, its charter has been revoked or its right to conduct business has been suspended by the jurisdiction of its incorporation, there is no revocation of the certificate of dissolution or no reinstatement of its charter or its right to conduct business; or

�� (d) A partnership that is a partner has been dissolved and its business is being wound up;

�� 5. On application by the partnership or another partner, the partner�s expulsion by judicial determination because:

�� (a) The partner engaged in wrongful conduct that adversely and materially affected the partnership business;

�� (b) The partner willfully or persistently committed a material breach of the partnership agreement or of a duty owed to the partnership or the other partners under ; or

�� (c) The partner engaged in conduct relating to the partnership business which makes it not reasonably practicable to carry on the business in partnership with the partner;

�� 6. The partner�s:

�� (a) Becoming a debtor in bankruptcy;

�� (b) Executing an assignment for the benefit of creditors;

�� (c) Seeking, consenting to or acquiescing in the appointment of a trustee, receiver or liquidator of that partner or of all or substantially all of that partner�s property; or

�� (d) Failing, within 90 days after the appointment, to have vacated or stayed the appointment of a trustee, receiver or liquidator of the partner or of all or substantially all of the partner�s property obtained without the partner�s consent or acquiescence, or failing within 90 days after the expiration of a stay to have the appointment vacated;

�� 7. In the case of a partner who is a natural person:

�� (a) The partner�s death;

�� (b) The appointment of a guardian or general conservator for the partner; or

�� (c) A judicial determination that the partner has otherwise become incapable of performing the partner�s duties under the partnership agreement;

�� 8. In the case of a partner that is a trust or is acting as a partner by virtue of being a trustee of a trust, distribution of the trust�s entire transferable interest in the partnership, but not merely by reason of the substitution of a successor trustee;

�� 9. In the case of a partner that is an estate or is acting as a partner by virtue of being a personal representative of an estate, distribution of the estate�s entire transferable interest in the partnership, but not merely by reason of the substitution of a successor personal representative; or

�� 10. Termination of a partner who is not a natural person, partnership, corporation, trust or estate.

�� (Added to NRS by )

�� NRS 87.4344 Power of partner to dissociate; wrongful dissociation.

�� 1. A partner has the power to dissociate at any time, rightfully or wrongfully, by express will pursuant to subsection 1 of .

�� 2. A partner�s dissociation is wrongful only if:

�� (a) It is in breach of an express provision of the partnership agreement; or

�� (b) In the case of a partnership for a definite term or particular undertaking, before the expiration of the term or the completion of the undertaking:

�� (1) The partner withdraws by express will, unless the withdrawal follows within 90 days after another partner�s dissociation by death or otherwise under subsections 6 to 10, inclusive, of or wrongful dissociation under this subsection;

�� (2) The partner is expelled by judicial determination under subsection 5 of ;

�� (3) The partner is dissociated by becoming a debtor in bankruptcy; or

�� (4) In the case of a partner who is not a natural person, a trust other than a business trust or an estate, the partner is expelled or otherwise dissociated because it willfully dissolved or terminated.

�� 3. A partner who wrongfully dissociates is liable to the partnership and to the other partners for damages caused by the dissociation. The liability is in addition to any other obligation of the partner to the partnership or to the other partners.

�� (Added to NRS by )

�� NRS 87.4345 Effect of dissociation.

�� 1. If a partner�s dissociation results in a dissolution and winding up of the partnership business, the provisions of to , inclusive, apply. If a partner�s dissociation does not result in a dissolution and winding up of the partnership business, the provisions of to , inclusive, apply.

�� 2. Upon a partner�s dissociation:

�� (a) The partner�s right to participate in the management and conduct of the partnership business terminates, except as otherwise provided in ;

�� (b) The partner�s duty of loyalty under paragraph (c) of subsection 2 of terminates; and

�� (c) The partner�s duty of loyalty under paragraphs (a) and (b) of subsection 2 of and duty of care under subsection 3 of continue only with regard to matters arising and events occurring before the partner�s dissociation, unless the partner participates in winding up the partnership�s business pursuant to .

�� (Added to NRS by )

Dissociation of Partner When Business Not Wound Up

�� NRS 87.4346 Purchase of dissociated partner�s interest.

�� 1. If a partner is dissociated from a partnership without resulting in a dissolution and winding up of the partnership business under , the partnership shall cause the dissociated partner�s interest in the partnership to be purchased for a buyout price determined pursuant to subsection 2.

�� 2. The buyout price of a dissociated partner�s interest is the amount that would have been distributable to the dissociating partner under subsection 2 of if, on the date of dissociation, the assets of the partnership were sold at a price equal to the greater of the liquidation value or the value based on a sale of the entire business as a going concern without the dissociated partner and the partnership were wound up as of that date. Interest must be paid from the date of dissociation to the date of payment.

�� 3. Damages for wrongful dissociation under subsection 2 of , and all other amounts owing, whether or not presently due, from the dissociated partner to the partnership, must be offset against the buyout price. Interest must be paid from the date the amount owed becomes due to the date of payment.

�� 4. A partnership shall indemnify a dissociated partner whose interest is being purchased against all partnership liabilities, whether incurred before or after the dissociation, except liabilities incurred by an act of the dissociated partner under .

�� 5. If no agreement for the purchase of a dissociated partner�s interest is reached within 120 days after a written demand for payment, the partnership shall pay, or cause to be paid, in cash to the dissociated partner the amount the partnership estimates to be the buyout price and accrued interest, reduced by any offsets and accrued interest under subsection 3.

�� 6. If a deferred payment is authorized under subsection 8, the partnership may tender a written offer to pay the amount it estimates to be the buyout price and accrued interest, reduced by any offsets under subsection 3, stating the time of payment, the amount and type of security for payment and the other terms and conditions of the obligation.

�� 7. The payment or tender required by subsection 5 or 6 must be accompanied by the following:

�� (a) A statement of partnership assets and liabilities as of the date of dissociation;

�� (b) The latest available partnership balance sheet and income statement, if any;

�� (c) An explanation of how the estimated amount of the payment was calculated; and

�� (d) Written notice that the payment is in full satisfaction of the obligation to purchase unless, within 120 days after the written notice, the dissociated partner commences an action to determine the buyout price, any offsets under subsection 3 or other terms of the obligation to purchase.

�� 8. A partner who wrongfully dissociates before the expiration of a definite term or the completion of a particular undertaking is not entitled to payment of any portion of the buyout price until the expiration of the term or completion of the undertaking, unless the partner establishes to the satisfaction of the court that earlier payment will not cause undue hardship to the business of the partnership. A deferred payment must be adequately secured and bear interest.

�� 9. A dissociated partner may maintain an action against the partnership, pursuant to subparagraph (2) of paragraph (b) of subsection 2 of , to determine the buyout price of that partner�s interest, any offsets under subsection 3 or other terms of the obligation to purchase. The action must be commenced within 120 days after the partnership has tendered payment or an offer to pay or within 1 year after written demand for payment if no payment or offer to pay is tendered. The court shall determine the buyout price of the dissociated partner�s interest, any offset due under subsection 3 and accrued interest, and enter judgment for any additional payment or refund. If deferred payment is authorized under subsection 8, the court shall also determine the security for payment and other terms of the obligation to purchase. The court may assess reasonable attorney�s fees and the fees and expenses of appraisers or other experts for a party to the action, in amounts the court finds equitable, against a party that the court finds acted arbitrarily, vexatiously or not in good faith. The finding may be based on the partnership�s failure to tender payment or an offer to pay or to comply with subsection 7.

�� (Added to NRS by )

�� NRS 87.4347 Power of dissociated partner to bind; liability to partnership.

�� 1. For 2 years after a partner dissociates without resulting in a dissolution and winding up of the partnership business, the partnership is bound by an act of the dissociated partner which would have bound the partnership under before dissociation only if at the time of entering into the transaction the other party:

�� (a) Reasonably believed that the dissociated partner was then a partner;

�� (b) Did not have notice of the partner�s dissociation; and

�� (c) Is not deemed to have had knowledge under subsection 5 of or notice under subsection 3 of .

�� 2. A dissociated partner is liable to the partnership for any damage caused to the partnership arising from an obligation incurred by the dissociated partner after dissociation for which the partnership is liable under subsection 1.

�� (Added to NRS by )

�� NRS 87.4348 Liability of dissociated partner to other persons.

�� 1. A partner�s dissociation does not of itself discharge the partner�s liability for a partnership obligation incurred before dissociation. A dissociated partner is not liable for a partnership obligation incurred after dissociation, except as otherwise provided in subsection 2.

�� 2. A partner who dissociates without resulting in a dissolution and winding up of the partnership business is liable as a partner to the other party in a transaction entered into by the partnership, within 2 years after the partner�s dissociation, only if the partner is liable for the obligation under and at the time of entering into the transaction the other party:

�� (a) Reasonably believed that the dissociated partner was then a partner;

�� (b) Did not have notice of the partner�s dissociation; and

�� (c) Is not deemed to have had knowledge under subsection 5 of or notice under subsection 3 of .

�� 3. By agreement with the partnership creditor and the partners continuing the business, a dissociated partner may be released from liability for a partnership obligation.

�� 4. A dissociated partner is released from liability for a partnership obligation if a partnership creditor, with notice of the partner�s dissociation but without the partner�s consent, agrees to a material alteration in the nature or time of payment of a partnership obligation.

�� (Added to NRS by )

�� NRS 87.4349 Statement of dissociation.

�� 1. A dissociated partner or the partnership may file a statement of dissociation stating the name of the partnership and that the partner is dissociated from the partnership.

�� 2. A statement of dissociation is a limitation on the authority of a dissociated partner for the purposes of subsections 4 and 5 of .

�� 3. For the purposes of paragraph (c) of subsection 1 of and paragraph (c) of subsection 2 of , a person not a partner is deemed to have notice of the dissociation 90 days after the statement of dissociation is filed.

�� (Added to NRS by )

�� NRS 87.435 Continued use of partnership name. Continued use of a partnership name, or a dissociated partner�s name as part thereof, by partners continuing the business does not of itself make the dissociated partner liable for an obligation of the partners or the partnership continuing the business.

�� (Added to NRS by )

Winding Up Partnership Business

�� NRS 87.4351 Events causing dissolution and winding up of partnership business. A partnership is dissolved, and its business must be wound up, only upon the occurrence of any of the following events:

�� 1. In a partnership at will, the partnership�s having notice from a partner, other than a partner who is dissociated under subsections 2 to 10, inclusive, of , of that partner�s express will to withdraw as a partner, or on a later date specified by the partner;

�� 2. In a partnership for a definite term or particular undertaking:

�� (a) Within 90 days after a partner�s dissociation by death or otherwise under subsections 6 to 10, inclusive, of or wrongful dissociation under subsection 2 of , the express will of at least half of the remaining partners to wind up the partnership business, for which purpose a partner�s rightful dissociation pursuant to subparagraph (1) of paragraph (b) of subsection 2 of constitutes the expression of that partner�s will to wind up the partnership business;

�� (b) The express will of all of the partners to wind up the partnership business; or

�� (c) The expiration of the term or the completion of the undertaking;

�� 3. An event agreed to in the partnership agreement resulting in the winding up of the partnership business;

�� 4. An event that makes it unlawful for all or substantially all of the business of the partnership to be continued, but a cure of illegality within 90 days after notice to the partnership of the event is effective retroactively to the date of the event for purposes of this section;

�� 5. On application by a partner, a judicial determination that:

�� (a) The economic purpose of the partnership is likely to be unreasonably frustrated;

�� (b) Another partner has engaged in conduct relating to the partnership business which makes it not reasonably practicable to carry on the business in partnership with that partner; or

�� (c) It is not otherwise reasonably practicable to carry on the partnership business in conformity with the partnership agreement; or

�� 6. On application by a transferee of a partner�s transferable interest, a judicial determination that it is equitable to wind up the partnership business:

�� (a) After the expiration of the term or completion of the undertaking, if the partnership was for a definite term or particular undertaking at the time of the transfer or entry of the charging order that gave rise to the transfer; or

�� (b) At any time, if the partnership was a partnership at will at the time of the transfer or entry of the charging order that gave rise to the transfer.

�� (Added to NRS by )

�� NRS 87.4352 Partnership continues after dissolution.

�� 1. Subject to subsection 2, 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.

�� 2. 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:

�� (a) 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

�� (b) The rights of a third party accruing under subsection 1 of 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.

�� (Added to NRS by )

�� NRS 87.4353 Right to wind up partnership business.

�� 1. After dissolution, a partner who has not wrongfully dissociated may participate in winding up the partnership�s business, but on application of any partner, any partner�s legal representative or any transferee, the district court, for good cause shown, may order judicial supervision of the winding up.

�� 2. The legal representative of the last surviving partner may wind up a partnership�s business.

�� 3. 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 the partnership�s liabilities, distribute the assets of the partnership pursuant to , settle disputes by mediation or arbitration, and perform other necessary acts.

�� (Added to NRS by )

�� NRS 87.4354 Power of partner to bind partnership after dissolution. Subject to , a partnership is bound by a partner�s act after dissolution that:

�� 1. Is appropriate for winding up the partnership business; or

�� 2. Would have bound the partnership under before dissolution, if the other party to the transaction did not have notice of the dissolution.

�� (Added to NRS by )

�� NRS 87.4355 Statement of dissolution.

�� 1. After dissolution, a partner who has not wrongfully dissociated may file a statement of dissolution stating the name of the partnership and that the partnership has dissolved and is winding up its business.

�� 2. A statement of dissolution cancels a filed statement of partnership authority for the purposes of subsection 4 of and is a limitation on authority for the purposes of subsection 5 of .

�� 3. For the purposes of and , a person not a partner is deemed to have notice of the dissolution and the limitation on the partners� authority as a result of the statement of dissolution 90 days after it is filed.

�� 4. After filing and, if appropriate, recording a statement of dissolution, a dissolved partnership may file and, if appropriate, record a statement of partnership authority which will operate with respect to a person not a partner as provided in subsections 4 and 5 of in any transaction, whether or not the transaction is appropriate for winding up the partnership business.

�� (Added to NRS by )

�� NRS 87.4356 Liability of partner to other partners after dissolution.

�� 1. Except as otherwise provided in subsection 2 and , after dissolution a partner is liable to the other partners for the partner�s share of any partnership liability incurred under .

�� 2. A partner who, with knowledge of the dissolution, incurs a partnership liability under subsection 2 of by an act that is not appropriate for winding up the partnership business is liable to the partnership for any damage caused to the partnership arising from the liability.

�� (Added to NRS by )

�� NRS 87.4357 Settlement of accounts and contributions among partners.

�� 1. In winding up a partnership�s business, the assets of the partnership, including the contributions of the partners required by this section, must be applied to discharge its obligations to creditors, including, to the extent permitted by law, partners who are creditors. Any surplus must be applied to pay in cash the net amount distributable to partners in accordance with their right to distributions under subsection 2.

�� 2. Each partner is entitled to a settlement of all partnership accounts upon winding up the partnership business. In settling accounts among the partners, profits and losses that result from the liquidation of the partnership assets must be credited and charged to the partners� accounts. The partnership shall make a distribution to a partner in an amount equal to any excess of the credits over the charges in the partner�s account. A partner shall contribute to the partnership an amount equal to any excess of the charges over the credits in the partner�s account but excluding from the calculation charges attributable to an obligation for which the partner is not personally liable under .

�� 3. If a partner fails to contribute the full amount required under subsection 2, all of the other partners shall contribute, in the proportions in which those partners share partnership losses, the additional amount necessary to satisfy the partnership obligations for which they are personally liable under . A partner or partner�s legal representative may recover from the other partners any contributions the partner makes to the extent the amount contributed exceeds that partner�s share of the partnership obligations for which the partner is personally liable under .

�� 4. After the settlement of accounts, each partner shall contribute, in the proportion in which the partner shares partnership losses, the amount necessary to satisfy partnership obligations that were not known at the time of the settlement and for which the partner is personally liable under .

�� 5. The estate of a deceased partner is liable for the partner�s obligation to contribute to the partnership.

�� 6. An assignee for the benefit of creditors of a partnership or a partner, or a person appointed by a court to represent creditors of a partnership or a partner, may enforce a partner�s obligation to contribute to the partnership.

�� (Added to NRS by )

REGISTERED LIMITED-LIABILITY PARTNERSHIPS

�� NRS 87.440 Filing requirements; prohibition against registration for certain illegal purposes; required and optional provisions of certificate of registration.

�� 1. To become a registered limited-liability partnership, a partnership shall file with the Secretary of State a certificate of registration stating each of the following:

�� (a) The name of the partnership.

�� (b) The street address of its principal office.

�� (c) The information required pursuant to .

�� (d) The name and business address of each managing partner.

�� (e) That the partnership thereafter will be a registered limited-liability partnership.

�� (f) Any other information that the partnership wishes to include.

�� 2. The certificate of registration must be signed by a majority in interest of the partners or by one or more partners authorized to sign such a certificate.

�� 3. The certificate of registration must be accompanied by a fee of $75.

�� 4. The Secretary of State shall register as a registered limited-liability partnership any partnership that submits a completed certificate of registration with the required fee. A person shall not register a registered limited-liability partnership for any illegal purpose or with the fraudulent intent to conceal any business activity, or lack thereof, from another person or a governmental agency.

�� 5. The registration of a registered limited-liability partnership is effective at the time of the filing of the certificate of registration.

�� (Added to NRS by ; A ; ; ; , ; , )

�� NRS 87.445 Penalty for purporting to do business as registered limited-liability partnership without registration; enforcement; regulations.

�� 1. Every person, other than a foreign registered limited-liability partnership, who is purporting to do business in this State as a registered limited-liability partnership and who willfully fails or neglects to file with the Secretary of State a certificate of registration is subject to a fine of not less than $1,000 but not more than $10,000, to be recovered in a court of competent jurisdiction.

�� 2. When the Secretary of State is advised that a person is subject to the fine described in subsection 1, the Secretary of State may, as soon as practicable, refer the matter to the district attorney of the county in which the person�s principal place of business is located or the Attorney General, or both, for a determination of whether to institute proceedings to recover the fine. The district attorney of the county in which the person�s principal place of business is located or the Attorney General may institute and prosecute the appropriate proceedings to recover the fine. If the district attorney or the Attorney General prevails in a proceeding to recover the fine described in subsection 1, the district attorney or the Attorney General is entitled to recover the costs of the proceeding, including, without limitation, the cost of any investigation and reasonable attorney�s fees.

�� 3. In the course of an investigation of a violation of this section, the Secretary of State may require a registered limited-liability partnership to answer any interrogatory submitted by the Secretary of State that will assist in the investigation.

�� 4. The Secretary of State may adopt regulations to administer the provisions of this section.

�� (Added to NRS by ; A )

�� NRS 87.450 Name of partnership: Distinguishable name required; limitations; availability of name of forfeited, merged or otherwise terminated partnership; regulations.

�� 1. The name proposed for a registered limited-liability partnership must contain the words �Limited-Liability Partnership� or �Registered Limited-Liability Partnership� or the abbreviation �L.L.P.� or �LLP� as the last words or letters of the name and must be distinguishable on the records of the Secretary of State from the names of all other artificial persons formed, organized, registered or qualified pursuant to the provisions of this title that are on file in the Office of the Secretary of State and all names that are reserved in the Office of the Secretary of State pursuant to the provisions of this title. If the name of the registered limited-liability partnership on a certificate of registration of limited-liability partnership submitted to the Secretary of State is not distinguishable from a name on file or reserved name, the Secretary of State shall return the certificate to the person who signed it unless the written, acknowledged consent of the holder of the name on file or reserved name to use the name accompanies the certificate.

�� 2. For the purposes of this section, a proposed name is not distinguishable from a name on file or reserved name solely because one or the other contains distinctive lettering, a distinctive mark, a trademark or a trade name, or any combination thereof.

�� 3. The Secretary of State shall not accept for filing any certificate of registration or certificate of amendment of a certificate of registration of any registered limited-liability partnership formed or existing pursuant to the laws of this State which provides that the name of the registered limited-liability partnership contains the word �accountant,� �accounting,� �accountancy,� �auditor� or �auditing� unless the Nevada State Board of Accountancy certifies that the registered limited-liability partnership:

�� (a) Is registered pursuant to the provisions of of NRS; or

�� (b) Has filed with the Nevada State Board of Accountancy under penalty of perjury a written statement that the registered limited-liability partnership is not engaged in the practice of accounting and is not offering to practice accounting in this State.

�� 4. The Secretary of State shall not accept for filing any certificate of registration or certificate of amendment of a certificate of registration of any registered limited-liability partnership formed or existing pursuant to the laws of this State which provides that the name of the registered limited-liability partnership contains the word �bank� or �trust� unless:

�� (a) It appears from the certificate of registration or the certificate of amendment that the registered limited-liability partnership proposes to carry on business as a banking or trust company, exclusively or in connection with its business as a bank, savings and loan association, savings bank or thrift company; and

�� (b) The certificate of registration or certificate of amendment is first approved by the Commissioner of Financial Institutions.

�� 5. The Secretary of State shall not accept for filing any certificate of registration or certificate of amendment of a certificate of registration of any registered limited-liability partnership formed or existing pursuant to the provisions of this chapter if it appears from the certificate of registration or the certificate of amendment that the business to be carried on by the registered limited-liability partnership is subject to supervision by the Commissioner of Insurance or by the Commissioner of Financial Institutions, unless the certificate of registration or certificate of amendment is approved by the Commissioner who will supervise the business of the registered limited-liability partnership.

�� 6. Except as otherwise provided in subsection 5, the Secretary of State shall not accept for filing any certificate of registration or certificate of amendment of a certificate of registration of any registered limited-liability partnership formed or existing pursuant to the laws of this State which provides that the name of the registered limited-liability partnership contains the words �engineer,� �engineered,� �engineering,� �professional engineer,� �registered engineer� or �licensed engineer� unless:

�� (a) The State Board of Professional Engineers and Land Surveyors certifies that the principals of the registered limited-liability partnership are licensed to practice engineering pursuant to the laws of this State; or

�� (b) The State Board of Professional Engineers and Land Surveyors certifies that the registered limited-liability partnership is exempt from the prohibitions of .

�� 7. Except as otherwise provided in subsection 5, the Secretary of State shall not accept for filing any certificate of registration or certificate of amendment of a certificate of registration of any registered limited-liability partnership formed or existing pursuant to the laws of this State which provides that the name of the registered limited-liability partnership contains the words �architect,� �architecture,� �registered architect,� �licensed architect,� �registered interior designer,� �registered interior design,� �residential designer,� �registered residential designer,� �licensed residential designer� or �residential design� unless the State Board of Architecture, Interior Design and Residential Design certifies that:

�� (a) The principals of the registered limited-liability partnership are holders of a certificate of registration to practice architecture or residential design or to practice as a registered interior designer, as applicable, pursuant to the laws of this State; or

�� (b) The registered limited-liability partnership is qualified to do business in this State pursuant to .

�� 8. The Secretary of State shall not accept for filing any certificate of registration or certificate of amendment of a certificate of registration of any registered limited-liability partnership formed or existing pursuant to the laws of this State which provides that the name of the registered limited-liability partnership contains the words �common-interest community,� �community association,� �master association,� �unit-owners� association� or �homeowners� association� or if it appears in the certificate of registration or certificate of amendment that the purpose of the registered limited-liability partnership is to operate as a unit-owners� association pursuant to or of NRS unless the Administrator of the Real Estate Division of the Department of Business and Industry certifies that the registered limited-liability partnership has:

�� (a) Registered with the Ombudsman for Owners in Common-Interest Communities and Condominium Hotels pursuant to or ; and

�� (b) Paid to the Administrator of the Real Estate Division the fees required pursuant to or .

�� 9. The name of a registered limited-liability partnership whose right to transact business has been forfeited, which has merged and is not the surviving entity or whose existence has otherwise terminated is available for use by any other artificial person.

�� 10. The Secretary of State may adopt regulations that interpret the requirements of this section.

�� (Added to NRS by ; A ; ; ; ; , )

�� NRS 87.455 Name of partnership: Reinstatement or revival under old or new name; regulations.

�� 1. Except as otherwise provided in subsection 2, if a registered limited-liability partnership applies to reinstate or revive its right to transact business but its name has been legally acquired by any other artificial person formed, organized, registered or qualified pursuant to the provisions of this title whose name is on file with the Office of the Secretary of State or reserved in the Office of the Secretary of State pursuant to the provisions of this title, the applying registered limited-liability partnership shall submit in writing to the Secretary of State some other name under which it desires its right to transact business to be reinstated or revived. If that name is distinguishable from all other names reserved or otherwise on file, the Secretary of State shall reinstate or revive the registered limited-liability partnership under that new name.

�� 2. If the applying registered limited-liability partnership submits the written, acknowledged consent of the artificial person having the name, or the person who has reserved the name, that is not distinguishable from the old name of the applying registered limited-liability partnership or a new name it has submitted, it may be reinstated or revived under that name.

�� 3. For the purposes of this section, a proposed name is not distinguishable from a name on file or reserved name solely because one or the other contains distinctive lettering, a distinctive mark, a trademark or a trade name, or any combination of these.

�� 4. The Secretary of State may adopt regulations that interpret the requirements of this section.

�� (Added to NRS by ; A ; ; )

�� NRS 87.460 Amendment of certificate of registration.

�� 1. A certificate of registration of a registered limited-liability partnership may be amended by filing with the Secretary of State a certificate of amendment. The certificate of amendment must set forth:

�� (a) The name of the registered limited-liability partnership; and

�� (b) The change to the information contained in the original certificate of registration or any other certificates of amendment.

�� 2. The certificate of amendment must be:

�� (a) Signed by a managing partner of the registered limited-liability partnership; and

�� (b) Accompanied by a fee of $175.

�� 3. A certificate filed pursuant to this section is effective at the time of the filing of the certificate with the Secretary of State or upon a later date and time as specified in the certificate, which date must not be more than 90 days after the date on which the certificate is filed. If a certificate filed pursuant to this section specifies a later effective date but does not specify an effective time, the certificate is effective at 12:01 a.m. in the Pacific time zone on the specified later date.

�� (Added to NRS by ; A ; ; ; )

�� NRS 87.470 Termination of registration. The registration of a registered limited-liability partnership is effective until:

�� 1. Its certificate of registration is revoked pursuant to ; or

�� 2. The registered limited-liability partnership files with the Secretary of State a notice of withdrawal signed by a managing partner. The notice must be accompanied by a fee of $100.

�� (Added to NRS by ; A ; ; ; )

�� NRS 87.480 Registered agent required. A registered limited-liability partnership must have a registered agent who resides or is located in this State. A registered agent must have a street address for the service of process that is the principal office of the registered limited-liability partnership in this State, and may have a separate mailing address that is different from the registered agent�s street address.

�� (Added to NRS by ; A ; )

�� NRS 87.490 Change of location of principal office.

�� 1. If a registered limited-liability partnership wishes to change the location of its principal office in this State, it shall first file with the Secretary of State a certificate of change of principal office that sets forth:

�� (a) The name of the registered limited-liability partnership;

�� (b) The street address of its principal office; and

�� (c) The street address of its new principal office.

�� 2. A certificate of change of principal office filed pursuant to this section must be:

�� (a) Signed by a managing partner of the registered limited-liability partnership; and

�� (b) Accompanied by a fee of $60.

�� 3. A change authorized by this section becomes effective upon the filing of the proper certificate of change.

�� (Added to NRS by ; A ; ; ; )

�� NRS 87.500 Resignation of registered agent; termination of registration of commercial registered agent.

�� 1. If a registered agent resigns pursuant to or if a commercial registered agent terminates its registration as a commercial registered agent pursuant to , the registered limited-liability partnership shall, before the effective date of the resignation or termination, file with the Secretary of State a statement of change of registered agent pursuant to .

�� 2. If a registered limited-liability partnership fails to comply with subsection 1, it is in default and is subject to the provisions of .

�� 3. As used in this section, �commercial registered agent� has the meaning ascribed to it in .

�� (Added to NRS by ; A ; ; ; ; )

�� NRS 87.510 Annual list: Filing requirements; fees; notice; regulations.

�� 1. A registered limited-liability partnership shall, at the time of the filing of its certificate of registration with the Secretary of State, or, if the registered limited-liability partnership has selected an alternative due date pursuant to subsection 10, on or before that alternative due date, and annually thereafter on or before the last day of the month in which the anniversary date of the filing of its certificate of registration with the Secretary of State occurs, or, if applicable, on or before the last day of the month in which the anniversary date of the alternative due date occurs in each year, file with the Secretary of State, on a form furnished by the Secretary of State, a list that contains:

�� (a) The name of the registered limited-liability partnership;

�� (b) The file number of the registered limited-liability partnership, if known;

�� (c) The names of all of its managing partners;

�� (d) The address, either residence or business, of each managing partner; and

�� (e) The signature of a managing partner of the registered limited-liability partnership, or some other person specifically authorized by the registered limited-liability partnership to sign the list, certifying that the list is true, complete and accurate.

�� 2. Each list filed pursuant to subsection 1 must be accompanied by a declaration under penalty of perjury that:

�� (a) The registered limited-liability partnership has complied with the provisions of of NRS;

�� (b) The registered limited-liability partnership acknowledges that pursuant to , it is a category C felony to knowingly offer any false or forged instrument for filing in the Office of the Secretary of State; and

�� (c) None of the managing partners identified in the list has been identified in the list with the fraudulent intent of concealing the identity of any person or persons exercising the power or authority of a managing partner in furtherance of any unlawful conduct.

�� 3. Upon filing:

�� (a) The initial list required by subsection 1, the registered limited-liability partnership shall pay to the Secretary of State a fee of $150.

�� (b) Each annual list required by subsection 1, the registered limited-liability partnership shall pay to the Secretary of State a fee of $150.

�� 4. If a registered limited-liability partnership files an amended list of managing partners with the Secretary of State within 60 days after the date on which the initial list required by subsection 1 is filed, the registered limited-liability partnership or the resigning managing partner is not required to pay a fee for filing the amended list.

�� 5. Except as otherwise provided in subsection 4, if a managing partner of a registered limited-liability partnership resigns and the resignation is not reflected on the annual or amended list of managing partners, the registered limited-liability partnership or the resigning managing partner shall pay to the Secretary of State a fee of $75 to file the resignation.

�� 6. The Secretary of State shall, at least 90 days before the last day for filing each annual list required by subsection 1, provide to the registered limited-liability partnership a notice of the fee due pursuant to subsection 3 and a reminder to file the annual list required by subsection 1. The failure of any registered limited-liability partnership to receive a notice does not excuse it from complying with the provisions of this section.

�� 7. If the list to be filed pursuant to the provisions of subsection 1 is defective, or the fee required by subsection 3 is not paid, the Secretary of State may return the list for correction or payment.

�� 8. An annual list that is filed by a registered limited-liability partnership which is not in default more than 90 days before it is due shall be deemed an amended list for the previous year and does not satisfy the requirements of subsection 1 for the year to which the due date is applicable.

�� 9. A person who files with the Secretary of State an initial list or annual list required by subsection 1 which identifies a managing partner with the fraudulent intent of concealing the identity of any person or persons exercising the power or authority of a managing partner in furtherance of any unlawful conduct is subject to the penalty set forth in .

�� 10. The Secretary of State may allow a registered limited-liability partnership to select an alternative due date for filing the initial list required by subsection 1.

�� 11. The Secretary of State may adopt regulations to administer the provisions of subsection 10.

�� (Added to NRS by ; A ; ; ; , ; ; ; , ; ; ; )

�� NRS 87.515 List or statement to be maintained at principal place of business or with custodian of records; requirement to assist in criminal investigation; failure to comply; regulations.

�� 1. A registered limited-liability partnership shall maintain at its principal place of business in this State or with its custodian of records:

�� (a) A current list of its managing partners; or

�� (b) A statement indicating where such a list is maintained.

�� 2. Upon the request of the Secretary of State, the registered limited-liability partnership shall:

�� (a) Provide the Secretary of State with the name and contact information of the custodian of the list described in subsection 1. The information required pursuant to this paragraph shall be kept confidential by the Secretary of State.

�� (b) Provide written notice to the Secretary of State within 10 days after any change in the information contained in the list described in subsection 1.

�� 3. Upon the request of any law enforcement agency in the course of a criminal investigation, the Secretary of State may require a registered limited-liability partnership to:

�� (a) Submit to the Secretary of State, within 3 business days, a copy of the list required to be maintained pursuant to subsection 1; or

�� (b) Answer any interrogatory submitted by the Secretary of State that will assist in the criminal investigation.

�� 4. If a registered limited-liability partnership fails to comply with any requirement pursuant to subsection 3, the Secretary of State may take any action necessary, including, without limitation, the suspension or revocation of the certificate of registration.

�� 5. The Secretary of State shall not reinstate or revive a certificate of registration that was revoked or suspended pursuant to subsection 4 unless:

�� (a) The registered limited-liability partnership complies with the requirements of subsection 3; or

�� (b) The law enforcement agency conducting the investigation advises the Secretary of State to reinstate or revive the certificate of registration.

�� 6. The Secretary of State may adopt regulations to administer the provisions of this section.

�� (Added to NRS by ; A ; )

�� NRS 87.520 Defaulting partnerships: Identification; penalty; reinstatement of partnership which is unit-owners� association; duties of Secretary of State; revocation of registration.

�� 1. A registered limited-liability partnership that fails to comply with the provisions of is in default.

�� 2. Upon notification from the Administrator of the Real Estate Division of the Department of Business and Industry that a registered limited-liability partnership which is a unit-owners� association as defined in or has failed to register pursuant to or or failed to pay the fees pursuant to or , the Secretary of State shall deem the registered limited-liability partnership to be in default. If, after the registered limited-liability partnership is deemed to be in default, the Administrator notifies the Secretary of State that the registered limited-liability partnership has registered pursuant to or and paid the fees pursuant to or , the Secretary of State shall reinstate the registered limited-liability partnership if the registered limited-liability partnership complies with the requirements for reinstatement as provided in this section and .

�� 3. Any registered limited-liability partnership that is in default pursuant to this section must, in addition to the fee required to be paid pursuant to , pay a penalty of $75.

�� 4. The Secretary of State shall provide written notice to the registered agent of any registered limited-liability partnership that is in default. The written notice:

�� (a) Must include the amount of any payment that is due from the registered limited-liability partnership.

�� (b) At the request of the registered agent, may be provided electronically.

�� 5. If a registered limited-liability partnership fails to pay the amount that is due, the certificate of registration of the registered limited-liability partnership shall be deemed revoked immediately after the last day of the month in which the anniversary date of the filing of the certificate of registration occurs, and the Secretary of State shall notify the registered limited-liability partnership, by providing written notice to its registered agent or, if the registered limited-liability partnership does not have a registered agent, to a managing partner, that its certificate of registration is revoked. The written notice:

�� (a) Must include the amount of any fees and penalties incurred that are due.

�� (b) At the request of the registered agent or managing partner, may be provided electronically.

�� (Added to NRS by ; A ; ; , )

�� NRS 87.530 Defaulting partnerships: Conditions and procedure for reinstatement.

�� 1. Except as otherwise provided in subsection 3 and , the Secretary of State shall reinstate the certificate of registration of a registered limited-liability partnership that is revoked pursuant to if the registered limited-liability partnership:

�� (a) Files with the Secretary of State:

�� (1) The information required by ;

�� (2) The information required pursuant to ; and

�� (3) A declaration under penalty of perjury, on a form provided by the Secretary of State, that the reinstatement is authorized by a court of competent jurisdiction in this State or by the duly selected managing partners of the registered limited-liability partnership.

�� (b) Except as otherwise provided in , pays to the Secretary of State:

�� (1) The fee required to be paid pursuant to ;

�� (2) Any penalty required to be paid pursuant to ; and

�� (3) A reinstatement fee of $300.

�� 2. When the Secretary of State reinstates the registered limited-liability partnership, the Secretary of State shall issue to the registered limited-liability partnership a certificate of reinstatement if the registered limited-liability partnership:

�� (a) Requests a certificate of reinstatement; and

�� (b) Pays the required fees pursuant to .

�� 3. The Secretary of State shall not reinstate the certificate of registration of a registered limited-liability partnership if the certificate was revoked pursuant to the provisions of this chapter at least 5 years before the date of the proposed reinstatement.

�� 4. Except as otherwise provided in , a reinstatement pursuant to this section relates back to the date on which the registered limited-liability partnership�s certificate of registration was revoked and reinstates the registered limited-liability�s certificate of registration as if such certificate had at all times remained in full force and effect.

�� (Added to NRS by ; A ; ; , , ; ; )

�� NRS 87.533 Dissolution of partnership whose registration has been revoked without additional fees and penalties; regulations.

�� 1. The Secretary of State shall authorize a registered limited-liability partnership whose certificate of registration has been revoked to dissolve without paying additional fees and penalties, other than the fee for filing a notice of withdrawal required by , if the registered limited-liability partnership provides evidence satisfactory to the Secretary of State that the registered limited-liability partnership did not transact business in this State or as a registered limited-liability partnership organized pursuant to the laws of this State:

�� (a) During the entire period for which its certificate of registration was revoked; or

�� (b) During a portion of the period for which its certificate of registration was revoked and the registered limited-liability partnership paid the fees and penalties for the portion of that period in which the registered limited-liability partnership transacted business in this State or as a registered limited-liability partnership organized pursuant to the laws of this State.

�� 2. The Secretary of State may adopt regulations to administer the provisions of this section.

�� (Added to NRS by )

�� NRS 87.537 Renewal or revival of registration: Procedure; fee; certificate as evidence; status of partnership.

�� 1. Except as otherwise provided in , a registered limited-liability partnership which did exist or is existing under the laws of this State may, upon complying with the provisions of , procure a renewal or revival of its certificate of registration for any period, together with all the rights, franchises, privileges and immunities, and subject to all its existing and preexisting debts, duties and liabilities secured or imposed by its original certificate of registration and amendments thereto, or existing certificate of registration, by filing:

�� (a) A certificate with the Secretary of State, which must set forth:

�� (1) The name of the registered limited-liability partnership, which must be the name of the registered limited-liability partnership at the time of the renewal or revival, or its name at the time its original certificate of registration expired.

�� (2) The information required pursuant to .

�� (3) The date on which the renewal or revival of the certificate of registration is to commence or be effective, which may be, in cases of a revival, before the date of the certificate.

�� (4) Whether or not the renewal or revival is to be perpetual and, if not perpetual, the time for which the renewal or revival is to continue.

�� (5) That the registered limited-liability partnership desiring to renew or revive its certificate of registration is, or has been, organized and carrying on the business authorized by its existing or original certificate of registration and amendments thereto, and desires to renew or continue through revival its existence pursuant to and subject to the provisions of this chapter.

�� (b) A list of its managing partners, or the equivalent thereof, and their addresses, either residence or business.

�� (c) A declaration under penalty of perjury, on a form provided by the Secretary of State, that the renewal or revival is authorized by a court of competent jurisdiction in this State or by the managing partners of the registered limited-liability partnership.

�� 2. A registered limited-liability partnership whose certificate of registration has not expired and is being renewed shall cause the certificate to be signed by a managing partner of the registered limited-liability partnership. The certificate of renewal must be approved by a majority of the managing partners.

�� 3. A registered limited-liability partnership seeking to revive its original or amended certificate of registration shall cause the certificate to be signed by a person or persons designated or appointed by the managing partners of the registered limited-liability partnership. The signing and filing of the certificate of revival must be approved by the written consent of the managing partners of the registered limited-liability partnership holding at least a majority of the voting power and must contain a recital that this consent was secured. The registered limited-liability partnership shall pay to the Secretary of State the fee required to qualify a limited-liability partnership pursuant to the provisions of to , inclusive.

�� 4. The filed certificate, or a copy thereof which has been certified under the hand and seal of the Secretary of State, must be received in all courts and places as prima facie evidence of the facts therein stated and of the qualification to do business in this State of the registered limited-liability partnership named therein.

�� 5. Except as otherwise provided in , a renewal or revival pursuant to this section relates back to the date on which the registered limited-liability partnership�s certificate of registration expired or was revoked and renews or revives the registered limited-liability partnership�s certificate of registration and right to transact business as if such right had at all times remained in full force.

�� 6. A registered limited-liability partnership that has revived or renewed its certificate of registration pursuant to the provisions of this section:

�� (a) Is a registered limited-liability partnership and continues to be a registered limited-liability partnership for the time stated in the certificate of revival or renewal;

�� (b) Possesses the rights, privileges and immunities conferred by the original certificate of registration and by this chapter; and

�� (c) Is subject to the restrictions and liabilities set forth in this chapter.

�� (Added to NRS by )

�� NRS 87.540 Status of partnership and liability of partners not affected by errors in certain filed information. The status of a partnership as a registered limited-liability partnership, and the liability of its partners, are not affected by errors in the information contained in a certificate of registration or an annual list required to be filed with the Secretary of State, or by changes after the filing of such a certificate or list in the information contained in the certificate or list.

�� (Added to NRS by )

FOREIGN REGISTERED LIMITED-LIABILITY PARTNERSHIPS

�� NRS 87.5405 Penalty for doing business without registration; enforcement; regulations.

�� 1. Every foreign registered limited-liability partnership which is doing business in this State and which willfully fails or neglects to register with the Secretary of State pursuant to to , inclusive, and to , inclusive, is subject to a fine of not less than $1,000 but not more than $10,000, to be recovered in a court of competent jurisdiction.

�� 2. Every foreign registered limited-liability partnership which is doing business in this State and which fails or neglects to register with the Secretary of State pursuant to to , inclusive, and to , inclusive, may not commence or maintain any action, suit or proceeding in any court of this State until it has registered with the Secretary of State pursuant to to , inclusive, and to , inclusive.

�� 3. The failure of a foreign registered limited-liability partnership to register in this State does not impair the validity of any contract or act of the foreign registered limited-liability partnership, or prevent the foreign registered limited-liability partnership from defending any action, suit or proceeding in any court of this State.

�� 4. When the Secretary of State is advised that a foreign registered limited-liability partnership is subject to the fine described in subsection 1, the Secretary of State may, as soon as practicable, refer the matter to the district attorney of the county in which the foreign registered limited-liability partnership�s principal place of business is located or the Attorney General, or both, for a determination of whether to institute proceedings to recover the fine. The district attorney of the county in which the foreign registered limited-liability partnership�s principal place of business is located or the Attorney General may institute and prosecute the appropriate proceedings to recover the fine. If the district attorney or the Attorney General prevails in a proceeding to recover the fine described in subsection 1, the district attorney or the Attorney General is entitled to recover the costs of the proceeding, including, without limitation, the cost of any investigation and reasonable attorney�s fees.

�� 5. In the course of an investigation of a violation of this section, the Secretary of State may require a foreign registered limited-liability partnership to answer any interrogatory submitted by the Secretary of State that will assist in the investigation.

�� 6. A foreign registered limited-liability partnership, by transacting business in this State without registration, appoints the Secretary of State as its agent for service of process with respect to causes of action arising out of the transaction of business in this State by the foreign registered limited-liability partnership.

�� 7. The Secretary of State may adopt regulations to administer the provisions of this section.

�� (Added to NRS by ; A )

�� NRS 87.541 Annual list: Filing requirements; fees; powers and duties of Secretary of State; regulations.

�� 1. Each foreign registered limited-liability partnership doing business in this State shall, at the time of the filing of its application for registration as a foreign registered limited-liability partnership with the Secretary of State, or, if the foreign registered limited-liability partnership has selected an alternative due date pursuant to subsection 10, on or before that alternative due date, and annually thereafter on or before the last day of the month in which the anniversary date of its qualification to do business in this State occurs in each year, or, if applicable, on or before the last day of the month in which the anniversary date of the alternative due date occurs in each year, file with the Secretary of State a list, on a form furnished by the Secretary of State, that contains:

�� (a) The name of the foreign registered limited-liability partnership;

�� (b) The file number of the foreign registered limited-liability partnership, if known;

�� (c) The names of all its managing partners;

�� (d) The address, either residence or business, of each managing partner; and

�� (e) The signature of a managing partner of the foreign registered limited-liability partnership, or some other person specifically authorized by the foreign registered limited-liability partnership to sign the list, certifying that the list is true, complete and accurate.

�� 2. Each list filed pursuant to this section must be accompanied by a declaration under penalty of perjury that:

�� (a) The foreign registered limited-liability partnership has complied with the provisions of of NRS;

�� (b) The foreign registered limited-liability partnership acknowledges that pursuant to , it is a category C felony to knowingly offer any false or forged instrument for filing in the Office of the Secretary of State; and

�� 3. Upon filing:

�� (a) The initial list required by this section, the foreign registered limited-liability partnership shall pay to the Secretary of State a fee of $150.

�� (b) Each annual list required by this section, the foreign registered limited-liability partnership shall pay to the Secretary of State a fee of $150.

�� 4. If a foreign registered limited-liability partnership files an amended list of managing partners with the Secretary of State within 60 days after the date on which the initial list required by this section is filed, the foreign registered limited-liability partnership or the resigning managing partner is not required to pay a fee for filing the amended list.

�� 5. Except as otherwise provided in subsection 4, if a managing partner of a foreign registered limited-liability partnership resigns and the resignation is not reflected on the annual or amended list of managing partners, the foreign registered limited-liability partnership or the managing partner shall pay to the Secretary of State a fee of $75 to file the resignation.

�� 6. The Secretary of State shall, 90 days before the last day for filing each annual list required by subsection 1, provide to each foreign registered limited-liability partnership which is required to comply with the provisions of to , inclusive, and which has not become delinquent, a notice of the fee due pursuant to subsection 3 and a reminder to file the list required pursuant to subsection 1. Failure of any foreign registered limited-liability partnership to receive a notice does not excuse it from the penalty imposed by the provisions of to , inclusive.

�� 7. If the list to be filed pursuant to the provisions of subsection 1 is defective or the fee required by subsection 3 is not paid, the Secretary of State may return the list for correction or payment.

�� 8. An annual list for a foreign registered limited-liability partnership not in default which is received by the Secretary of State more than 90 days before its due date shall be deemed an amended list for the previous year and does not satisfy the requirements of subsection 1 for the year to which the due date is applicable.

�� 9. A person who files with the Secretary of State an initial list or annual list required by subsection 1 which identifies a managing partner with the fraudulent intent of concealing the identity of any person or persons exercising the power and authority of a managing partner in furtherance of any unlawful conduct is subject to the penalty set forth in .

�� 10. The Secretary of State may allow a foreign registered limited-liability partnership to select an alternative due date for filing the initial list required by this section.

�� 11. The Secretary of State may adopt regulations to administer the provisions of subsection 10.

�� (Added to NRS by ; A ; ; , ; ; ; )

�� NRS 87.5413 List or statement to be maintained at principal place of business or with custodian of records; requirement to assist in criminal investigation; failure to comply; regulations.

�� 1. A foreign registered limited-liability partnership shall maintain at its principal place of business in this State or with its custodian of records:

�� (a) A current list of its managing partners; or

�� (b) A statement indicating where such a list is maintained.

�� 2. Upon the request of the Secretary of State, the foreign registered limited-liability partnership shall:

�� (b) Provide written notice to the Secretary of State within 10 days after any change in the information contained in the list described in subsection 1.

�� 3. Upon the request of any law enforcement agency in the course of a criminal investigation, the Secretary of State may require a foreign registered limited-liability partnership to:

�� (a) Submit to the Secretary of State, within 3 business days, a copy of the list required to be maintained pursuant to subsection 1; or

�� (b) Answer any interrogatory submitted by the Secretary of State that will assist in the criminal investigation.

�� 4. If a foreign registered limited-liability partnership fails to comply with any requirement pursuant to subsection 3, the Secretary of State may take any action necessary, including, without limitation, the suspension or revocation of the right of the foreign registered limited-liability partnership to transact business in this State.

�� 5. The Secretary of State shall not reinstate or revive the right of a foreign registered limited-liability partnership to transact business in this State that was revoked or suspended pursuant to subsection 4 unless:

�� (a) The registered limited-liability partnership complies with the requirements of subsection 3; or

�� (b) The law enforcement agency conducting the investigation advises the Secretary of State to reinstate or revive the right of the foreign registered limited-liability partnership to transact business in this State.

�� 6. The Secretary of State may adopt regulations to administer the provisions of this section.

�� (Added to NRS by ; A ; )

�� NRS 87.5415 Certificate of authorization to transact business. If a foreign registered limited-liability partnership has filed the initial or annual list in compliance with and has paid the appropriate fee for the filing, the cancelled check or other proof of payment received by the foreign registered limited-liability partnership constitutes a certificate authorizing it to transact its business within this State until the last day of the month in which the anniversary of its qualification to transact business occurs in the next succeeding calendar year.

�� (Added to NRS by )

�� NRS 87.542 Addresses of managing partners required; failure to file.

�� 1. Each list required to be filed under the provisions of to , inclusive, must, after the name of each managing partner listed thereon, set forth the address, either residence or business, of each managing partner.

�� 2. If the addresses are not stated for each person on any list offered for filing, the Secretary of State may refuse to file the list, and the foreign registered limited-liability partnership for which the list has been offered for filing is subject to all the provisions of to , inclusive, relating to failure to file the list within or at the times therein specified, unless a list is subsequently submitted for filing which conforms to the provisions of this section.

�� (Added to NRS by )

�� NRS 87.5425 Defaulting partnerships: Identification; forfeiture of right to transact business; penalty.

�� 1. Each foreign registered limited-liability partnership which is required to make a filing and pay the fee prescribed in to , inclusive, and which refuses or neglects to do so within the time provided is in default.

�� 2. For default there must be added to the amount of the fee a penalty of $75, and unless the filing is made and the fee and penalty are paid on or before the last day of the month in which the anniversary date of the foreign registered limited-liability partnership occurs, the defaulting foreign registered limited-liability partnership by reason of its default forfeits its right to transact any business within this State. The fee and penalty must be collected as provided in this chapter.

�� (Added to NRS by )

�� NRS 87.543 Defaulting partnerships: Duties of Secretary of State.

�� 1. The Secretary of State shall notify, by providing written notice to its registered agent, each foreign registered limited-liability partnership deemed in default pursuant to . The written notice:

�� (a) Must include a statement indicating the amount of the filing fee, penalties incurred and costs remaining unpaid.

�� (b) At the request of the registered agent, may be provided electronically.

�� 2. Immediately after the last day of the month in which the anniversary date of its registration occurs, the Secretary of State shall compile a complete list containing the names of all foreign registered limited-liability partnerships whose right to transact business has been forfeited.

�� 3. The Secretary of State shall notify, by providing written notice to its registered agent, each foreign registered limited-liability partnership specified in subsection 2 of the forfeiture of its right to transact business. The written notice:

�� (a) Must include a statement indicating the amount of the filing fee, penalties incurred and costs remaining unpaid.

�� (b) At the request of the registered agent, may be provided electronically.

�� (Added to NRS by ; A )

�� NRS 87.5435 Defaulting partnerships: Conditions and procedure for reinstatement.

�� 1. Except as otherwise provided in subsections 3 and 4 and , the Secretary of State shall reinstate a foreign registered limited-liability partnership which has forfeited or which forfeits its right to transact business under the provisions of this chapter and shall restore to the foreign registered limited-liability partnership its right to transact business in this State, and to exercise its privileges and immunities, if it:

�� (a) Files with the Secretary of State:

�� (1) The list required by ;

�� (2) The information required pursuant to ; and

�� (b) Except as otherwise provided in , pays to the Secretary of State:

�� (1) The filing fee and penalty set forth in and for each year or portion thereof that its right to transact business was forfeited; and

�� (2) A fee of $300 for reinstatement.

�� 2. When the Secretary of State reinstates the foreign registered limited-liability partnership, the Secretary of State shall issue to the foreign registered limited-liability partnership a certificate of reinstatement if the foreign registered limited-liability partnership:

�� (a) Requests a certificate of reinstatement; and

�� (b) Pays the required fees pursuant to .

�� 3. Except as otherwise provided in , the Secretary of State shall not order a reinstatement unless all delinquent fees and penalties have been paid and the revocation of the right to transact business occurred only by reason of failure to pay the fees and penalties.

�� 4. If the right of a foreign registered limited-liability partnership to transact business in this State has been forfeited pursuant to the provisions of this chapter and has remained forfeited for a period of 5 consecutive years, the right to transact business must not be reinstated.

�� 5. Except as otherwise provided in , a reinstatement pursuant to this section relates back to the date on which the foreign registered limited-liability partnership forfeited its right to transact business under the provisions of this chapter and reinstates the foreign registered limited-liability partnership�s right to transact business as if such right had at all times remained in full force and effect.

�� (Added to NRS by ; A , , ; ; ; )

�� NRS 87.544 Defaulting partnerships: Reinstatement or revival under old or new name; regulations.

�� 1. Except as otherwise provided in subsection 2, if a foreign registered limited-liability partnership applies to reinstate or revive its certificate of registration and its name has been legally reserved or acquired by another artificial person formed, organized, registered or qualified pursuant to the provisions of this title whose name is on file with the Office of the Secretary of State or reserved in the Office of the Secretary of State pursuant to the provisions of this title, the foreign registered limited-liability partnership must submit in writing in its application for reinstatement or revival to the Secretary of State some other name under which it desires its existence to be reinstated or revived. If that name is distinguishable from all other names reserved or otherwise on file, the Secretary of State shall reinstate or revive the foreign registered limited-liability partnership under that new name.

�� 2. If the applying foreign registered limited-liability partnership submits the written, acknowledged consent of the artificial person having a name, or the person who has reserved a name, which is not distinguishable from the old name of the applying foreign registered limited-liability partnership or a new name it has submitted, it may be reinstated or revived under that name.

�� 3. For the purposes of this section, a proposed name is not distinguishable from a name on file or reserved solely because one or the other contains distinctive lettering, a distinctive mark, a trademark or a trade name, or any combination thereof.

�� 4. The Secretary of State may adopt regulations that interpret the requirements of this section.

�� (Added to NRS by ; A )

�� NRS 87.5443 Renewal or revival of right to transact business: Procedure; fee; certificate as evidence; status of partnership.

�� 1. Except as otherwise provided in , any foreign registered limited-liability partnership which has forfeited its right to transact business in this State under the provisions of this chapter may, upon complying with the provisions of , procure a renewal or revival of its right to transact business in this State for any period, together with all the rights, franchises, privileges and immunities, and subject to all its existing and preexisting debts, duties and liabilities secured or imposed by its original certificate authorizing it to transact business in this State and amendments thereto, or existing certificate, by filing:

�� (a) A certificate with the Secretary of State, which must set forth:

�� (1) The name of the foreign registered limited-liability partnership, which must be the name of the foreign registered limited-liability partnership at the time of the renewal or revival, or its name at the time of the expiration of its original certificate authorizing it to transact business in this State.

�� (2) The information required pursuant to .

�� (3) The date on which the renewal or revival of the right to transact business in this State is to commence or be effective, which may be, in cases of a revival, before the date of the certificate.

�� (4) Whether or not the renewal or revival is to be perpetual and, if not perpetual, the time for which the renewal or revival is to continue.

�� (5) That the foreign registered limited-liability partnership desiring to renew or revive its right to transact business in this State is, or has been, organized and carrying on the business authorized by its existing or original certificate authorizing it to transact business in this State and amendments thereto, and desires to renew or continue through revival its transaction of business in this State pursuant to and subject to the provisions of this chapter.

�� (b) A list of its managing partners, or the equivalent thereof, and their addresses, either residence or business.

�� 2. A foreign registered limited-liability partnership whose registration has not expired and is being renewed shall cause the certificate of renewal to be signed by a managing partner of the foreign registered limited-liability partnership. The certificate of renewal must be approved by a majority of the managing partners.

�� 3. A foreign registered limited-liability partnership seeking to revive its original or amended certificate authorizing it to transact business in this State shall cause the certificate of revival to be signed by a person or persons designated or appointed by the managing partners of the foreign registered limited-liability partnership. The signing and filing of the certificate must be approved by the written consent of the managing partners of the foreign registered limited-liability partnership holding at least a majority of the voting power and must contain a recital that this consent was secured. The foreign registered limited-liability partnership shall pay to the Secretary of State the fee required to qualify a foreign registered limited-liability partnership to transact business in this State pursuant to the provisions of to , inclusive.

�� 4. The filed certificate, or a copy thereof which has been certified under the hand and seal of the Secretary of State, must be received in all courts and places as prima facie evidence of the facts therein stated and of the qualification to transact business in this State of the foreign registered limited-liability partnership named therein.

�� 5. Except as otherwise provided in , a renewal or revival pursuant to this section relates back to the date on which the foreign registered limited-liability partnership�s right to transact business in this State was forfeited and renews or revives the foreign registered limited-liability partnership�s right to transact business as if such right had at all times remained in full force.

�� (Added to NRS by )

MISCELLANEOUS PROVISIONS

�� NRS 87.5445 Form required for filing of records.

�� 1. Each record filed with the Secretary of State pursuant to this chapter must be on or accompanied by a form prescribed by the Secretary of State.

�� 2. The Secretary of State may refuse to file a record which does not comply with subsection 1 or which does not contain all of the information required by statute for filing the record.

�� 3. If the provisions of the form prescribed by the Secretary of State conflict with the provisions of any record that is submitted for filing with the form:

�� (a) The provisions of the form control for all purposes with respect to the information that is required by statute to appear in the record in order for the record to be filed; and

�� (b) Unless otherwise provided in the record, the provisions of the record control in every other situation.

�� 4. The Secretary of State may by regulation provide for the electronic filing of records with the Office of the Secretary of State.

�� (Added to NRS by )

�� NRS 87.545 Procedure to submit replacement page to Secretary of State before actual filing of record. A managing partner of a registered limited-liability partnership may authorize the Secretary of State in writing to replace any page of a record submitted for filing on an expedited basis, before the actual filing, and to accept the page as if it were part of the original record. The signed authorization of the managing partner to the Secretary of State permits, but does not require, the Secretary of State to alter the original record as requested.

�� (Added to NRS by ; A )

�� NRS 87.547 Correction of inaccurate or defective record filed with Secretary of State; cancellation of filings.

�� 1. A registered limited-liability partnership may correct a record filed in the Office of the Secretary of State with respect to the registered limited-liability partnership if the record contains an inaccurate description of a partnership action or if the record was defectively signed, attested, sealed, verified or acknowledged.

�� 2. To correct a record, the registered limited-liability partnership must:

�� (a) Prepare a certificate of correction that:

�� (1) States the name of the registered limited-liability partnership;

�� (2) Describes the record, including, without limitation, its filing date;

�� (3) Specifies the inaccuracy or defect;

�� (4) Sets forth the inaccurate or defective portion of the record in an accurate or corrected form; and

�� (5) Is signed by a managing partner of the registered limited-liability partnership or by some other person specifically authorized by the registered limited-liability partnership to sign the certificate.

�� (b) Deliver the certificate to the Secretary of State for filing.

�� (c) Pay a filing fee of $175 to the Secretary of State.

�� 3. A certificate of correction is effective on the effective date of the record it corrects except as to persons relying on the uncorrected record and adversely affected by the correction. As to those persons, the certificate is effective when filed.

�� 4. If a registered limited-liability partnership has made a filing with the Secretary of State and the Secretary of State has not processed the filing and placed the filing into the public record, the registered limited-liability partnership may cancel the filing by:

�� (a) Filing a statement of cancellation with the Secretary of State; and

�� (b) Paying a fee of $50.

�� (Added to NRS by ; A , ; ; ; ; )

�� NRS 87.550 Fees. In addition to any other fees required by to , inclusive, and , the Secretary of State shall charge and collect the following fees for services rendered pursuant to those sections:

�� 1. For certifying records required by to , inclusive, and , $30 per certification.

�� 2. For signing a certificate verifying the existence of a registered limited-liability partnership, if the registered limited-liability partnership has not filed a certificate of amendment, $50.

�� 3. For signing a certificate verifying the existence of a registered limited-liability partnership, if the registered limited-liability partnership has filed a certificate of amendment, $50.

�� 4. For signing, certifying or filing any certificate or record not required by to , inclusive, and , $50.

�� 5. For any copies provided by the Office of the Secretary of State, $2 per page.

�� 6. For examining and provisionally approving any record before the record is presented for filing, $125.

�� (Added to NRS by ; A ; , , ; ; ; ; ; )

�� NRS 87.560 Operation of domestic partnership in another jurisdiction; registration of foreign registered limited-liability partnership.

�� 1. To the extent permitted by the law of that jurisdiction:

�� (a) A partnership, including a registered limited-liability partnership, formed and existing under this chapter, may conduct its business, carry on its operations, and exercise the powers granted by this chapter in any state, territory, district or possession of the United States or in any foreign country.

�� (b) The internal affairs of a partnership, including a registered limited-liability partnership, formed and existing under this chapter, including the liability of partners for debts, obligations and liabilities of or chargeable to the partnership, are governed by the law of this State.

�� 2. Subject to any statutes for the regulation and control of specific types of business, a registered limited-liability partnership, formed and existing under the law of another jurisdiction, may do business in this State if it first registers with the Secretary of State pursuant to the provisions of to , inclusive, and to , inclusive.

�� 3. The name of a partnership that is registered as a limited-liability partnership in another jurisdiction and doing business in this State must contain the words �Limited-Liability Partnership� or �Registered Limited-Liability Partnership� or the abbreviations �L.L.P.� or �LLP,� or such other words or abbreviations as may be required or authorized by the law of the other jurisdiction, as the last words or letters of the name.

�� (Added to NRS by ; A )

�� NRS 87.565 Secretary of State authorized to adopt certain regulations to allow partnership to carry out powers and duties through most recent technology. The Secretary of State may adopt regulations to define, for the purposes of certain provisions of this chapter, the terms �meeting,� �writing,� �written� and other terms to allow a partnership or other entity which is subject to the provisions of this chapter to carry out its powers and duties as prescribed by this chapter through the use of the most recent technology available including, without limitation, the use of electronic communications, videoconferencing, telecommunications and blockchains.

Who has the right to dissolve the partnership?

The partners must comply with the agreement. Often there is a clause in the partnership agreement requiring less than a 100% vote to dissolve the partnership. If there isn't such a clause, then all partners, unanimously, at the same time, must agree to dissolve the partnership.

What happens when a partnership dissolves?

When a partnership dissolves, the individuals involved are no longer partners in a legal sense, but the partnership continues until the business's debts are settled, the legal existence of the business is terminated and the remaining assets of the company have been distributed.

What is it called when a partner dissolves the partnership in violation of the partnership agreement?

A partner's dissociation may be either rightful or wrongful. Dissociation is wrongful when it is a breach of the partnership agreement, or, if the partnership is for a definite term or undertaking, when a partner dissociates before the end of the partnership.

Which of the following does not dissolve the partnership?

Sale of partnership assets. In partnership accounting, a dissolution means the partnership is being terminated. The dissolution of a partnership occurs when one of the following scenarios happens. Accordingly, the sale of partnership asset is not a reason of the dissolution of the partnership.