What is the procedure for winding up a partnership?

In Virginia, the procedure for winding up a partnership is as follows. First, all partners must agree to dissolve the partnership. This can be done through a can be done through a signature on a Partnership Dissolution Agreement or other document. Once the dissolution has been agreed upon, the partnership must inform the public of the dissolution. This is done by publishing a notice in a newspaper of general circulation and in the Virginia State Corporation Commission’s e-file system. The partners must also inform creditors and other parties with whom the partnership holds obligations or assets. After the dissolution notice has been given to the public, the partners should file a Certificate of Dissolution with the Virginia State Corporation Commission. This document must include the name and address of the dissolved partnership, the date of the dissolution, the name and address of each partner, and the signatures of all parties. Once the Certificate of Dissolution has been filed and the partnership’s debts are settled, the partnership will officially be dissolved and no longer exist under Virginia law.

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What is the procedure for winding up a partnership?

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