2011 Nevada Revised Statutes
Chapter 87A - Uniform Limited Partnership Act (2001)
NRS 87A.490 - Nonjudicial dissolution.
Except as otherwise provided in NRS 87A.495, a limited partnership is dissolved, and its activities must be wound up, only upon the occurrence of any of the following:
1. The happening of an event specified in the partnership agreement;
2. The consent of all general partners and of limited partners owning a majority of the rights to receive distributions as limited partners at the time the consent is to be effective;
3. After the withdrawal of a person as a general partner:
(a) If the limited partnership has at least one remaining general partner, the consent to dissolve the limited partnership given within 90 days after the withdrawal by partners owning a majority of the rights to receive distributions as partners at the time the consent is to be effective; or
(b) If the limited partnership does not have a remaining general partner, the passage of 90 days after the withdrawal, unless before the end of the period:
(1) Consent to continue the activities of the limited partnership and admit at least one general partner is given by limited partners owning a majority of the rights to receive distributions as limited partners at the time the consent is to be effective; and
(2) At least one person is admitted as a general partner in accordance with the consent; or
4. The passage of 90 days after the withdrawal of the limited partnership s last limited partner, unless before the end of the period the limited partnership admits at least one limited partner.
(Added to NRS by 2007, 468)
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