{"data":{"id":"us-nv/nrs-87a.500","jurisdiction":"us-nv","citation":"NRS 87A.500","heading":"Winding up.","body":"1. A limited partnership continues after dissolution only for the purpose of winding up its activities.\n2. In winding up its activities, the limited partnership:\n(a) May amend its certificate of limited partnership to state that the limited partnership is dissolved, preserve the limited partnership business or property as a going concern for a reasonable time, prosecute and defend actions and proceedings, whether civil, criminal or administrative, transfer the limited partnership’s property, settle disputes by mediation or arbitration, file a certificate of cancellation as provided in NRS 87A.245 and perform other necessary acts; and\n(b) Shall discharge the limited partnership’s liabilities, settle and close the limited partnership’s activities and marshal and distribute the assets of the partnership.\n3. If a dissolved limited partnership does not have a general partner, a person to wind up the dissolved limited partnership’s activities may be appointed by the consent of limited partners owning a majority of the rights to receive distributions as limited partners at the time the consent is to be effective. A person appointed under this subsection:\n(a) Has the powers of a general partner under NRS 87A.505; and\n(b) Shall promptly amend the certificate of limited partnership to state:\n(1) That the limited partnership does not have a general partner;\n(2) The name of the person that has been appointed to wind up the limited partnership; and\n(3) The street and mailing address of the person.\n4. On the application of any partner, the district court may order judicial supervision of the winding up, including the appointment of a person to wind up the dissolved limited partnership’s activities, if:\n(a) A limited partnership does not have a general partner and within a reasonable time following the dissolution no person has been appointed pursuant to subsection 3; or\n(b) The applicant establishes other good cause.","path":["TITLE 7 — BUSINESS ASSOCIATIONS; SECURITIES; COMMODITIES","CHAPTER 87A - UNIFORM LIMITED PARTNERSHIP ACT (2001)","DISSOLUTION"],"source_url":"https://www.leg.state.nv.us/NRS/NRS-087A.html#NRS087ASec500","current_through":"2025 session (NRS as revised 2026-08-25)","vintage":"","retrieved_at":"2026-09-03T05:51:31Z","sha256":"9e26d1f8165600fd39c66e20682e87b58b758501020b7e94732e2f11d8ba1d4b","source_id":"us-nv","stale":true,"prev":"us-nv/nrs-87a.495","next":"us-nv/nrs-87a.505"},"notice":"GroundRules: Original legal text. Not legal advice."}