Va. Code » Title 50. Partnerships » Chapter 2.1. Virginia Revised Uniform Limited Partnership Act » Article 8. Dissolution
Virginia Code

Va. Code Ann. § 50-73.49 (2026)

Dissolution generally

✓ current as of May 2026
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A limited partnership formed under this chapter or that has filed an amended and restated certificate of limited partnership in compliance with subsection D of § 50-73.77 is dissolved and its affairs shall be wound up upon the happening of the first to occur of the following events:

1. At the time or upon the occurrence of any events specified in the certificate of limited partnership or in writing in the partnership agreement;

2. Upon the unanimous written consent of the partners;

3. Upon an event of withdrawal of a general partner unless:

a. At the time there is at least one other general partner, in which event, unless otherwise provided in the written provisions of the partnership agreement or agreed upon by all remaining partners, the limited partnership is not dissolved and is not required to be wound up by reason of the event of withdrawal; or

b. Within 90 days after the withdrawal, all remaining partners agree in writing to continue the business of the limited partnership and to the appointment of one or more additional general partners if necessary or desired, in which event the limited partnership is not dissolved and is not required to be wound up by reason of the event of withdrawal;

4. Entry of a decree of judicial dissolution under § 50-73.50;

5. Automatic cancellation of its existence pursuant to § 50-73.52:5; or

6. Involuntary cancellation of its existence pursuant to § 50-73.52:6.

1985, c. 607; 1987, c. 702; 1996, c. 255; 2007, c. 631; 2008, cc. 586, 588, 770; 2009, c. 167; 2015, c. 614.

Notes of Decisions
Cited in 3 cases, 1997–2010 · leading case: Smith v. Smith, 81 Va. Cir. 135 (Fairfax Cir. Ct. 2010).
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Smith v. Smith, 81 Va. Cir. 135 (Fairfax Cir. Ct. 2010). · cites it 3× “Va. Code § 50-73.49. Both parties admit that the remaining partners have not agreed to continue the Partnership.”
Crandall v. Babich, 81 Va. Cir. 486 (Nelson Cir. Ct. 2008). · cites it 3× “Va. Code § 50-73.49(3). By the time that substantial work was performed on the Gschwind and Meditz homes, Babich and Giunta had terminated the joint venture with Crandall.”
Potter v. Travers, 44 Va. Cir. 211 (Fairfax Cir. Ct. 1997). · cites it 2× “Virginia Code §§ 50-73.49 et seq. Second, the affairs of the partnership must be wound up.”
Va. Code Ann. § 50-73.49(3): 1 case
Crandall v. Babich, 81 Va. Cir. 486 (Nelson Cir. Ct. 2008). “Va. Code § 50-73.49(3). By the time that substantial work was performed on the Gschwind and Meditz homes, Babich and Giunta had terminated the joint venture with Crandall.”
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