{"data":{"id":"us-nv/nrs-87.4351","jurisdiction":"us-nv","citation":"NRS 87.4351","heading":"Events causing dissolution and winding up of partnership business.","body":"A partnership is dissolved, and its business must be wound up, only upon the occurrence of any of the following events:\n1. 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 NRS 87.4343, of that partner’s express will to withdraw as a partner, or on a later date specified by the partner;\n2. In a partnership for a definite term or particular undertaking:\n(a) Within 90 days after a partner’s dissociation by death or otherwise under subsections 6 to 10, inclusive, of NRS 87.4343 or wrongful dissociation under subsection 2 of NRS 87.4344, 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 NRS 87.4344 constitutes the expression of that partner’s will to wind up the partnership business;\n(b) The express will of all of the partners to wind up the partnership business; or\n(c) The expiration of the term or the completion of the undertaking;\n3. An event agreed to in the partnership agreement resulting in the winding up of the partnership business;\n4. 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;\n5. On application by a partner, a judicial determination that:\n(a) The economic purpose of the partnership is likely to be unreasonably frustrated;\n(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\n(c) It is not otherwise reasonably practicable to carry on the partnership business in conformity with the partnership agreement; or\n6. On application by a transferee of a partner’s transferable interest, a judicial determination that it is equitable to wind up the partnership business:\n(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\n(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.","path":["TITLE 7 — BUSINESS ASSOCIATIONS; SECURITIES; COMMODITIES","CHAPTER 87 - PARTNERSHIPS","UNIFORM PARTNERSHIP ACT (1997)","Winding Up Partnership Business"],"source_url":"https://www.leg.state.nv.us/NRS/NRS-087.html#NRS087Sec4351","current_through":"2025 session (NRS as revised 2026-08-25)","vintage":"","retrieved_at":"2026-09-03T05:51:31Z","sha256":"e8853eaca3a384c3873ccb2e7631816d3f23a688d8f30f5b7090578532588a68","source_id":"us-nv","stale":true,"prev":"us-nv/nrs-87.435","next":"us-nv/nrs-87.4352"},"notice":"GroundRules: Original legal text. Not legal advice."}