§ 323A.0704 — Statement of Dissociation
Plain-Language Summary
A departing partner or the partnership can file a statement of dissociation with the Secretary of State. This public filing states that the partner has left the partnership. Once filed, it limits the former partner's authority and provides notice to third parties. For real property transfers, a certified copy should be recorded with the county recorder.
323A.0704 STATEMENT OF DISSOCIATION.
(a) A dissociated partner or the partnership may file a statement of dissociation stating the name of the partnership and that the partner is dissociated from the partnership.
(b) A statement of dissociation is a limitation on the authority of a dissociated partner for the purposes of section 323A.0303(d) and (e).
(c) For the purposes of sections 323A.0702(a)(3) and 323A.0703(b)(3), a person not a partner is deemed to have notice of the dissociation 90 days after the statement of dissociation is filed.
History:
NOTE: This chapter was formerly codified as sections 323A.1-01 to 323A.12-03. See Minnesota Statutes 2002. The chapter was recodified in 2004 as sections 323A.0101 to 323A.1203. The recodification is arranged in the same sequence as the original codification.
History: History: 1997 c 174 art 7 s 36