Right To Continue Business After Dissolution Clause Samples
The "Right To Continue Business After Dissolution" clause allows the remaining partners or members of a business entity to continue operating the business even after a dissolution event, such as the departure, death, or bankruptcy of a partner. Typically, this clause outlines the procedures for buying out the departing partner’s interest and specifies any conditions or approvals required for the business to continue. Its core function is to provide continuity and stability for the business, preventing automatic winding up and allowing the enterprise to persist despite changes in ownership or membership.
Right To Continue Business After Dissolution. On dissolution of the partnership, the remaining partners shall have the right to elect to continue the business of the partnership under the same name, by themselves, or with any additional persons they may choose. If the partners remaining desire to continue the business, but not together, the partnership shall be liquidated pursuant to Subsection (E) of this article.