Does a Partnership Need to File Special Forms in a Chapter 7 Bankruptcy?

Full question:

SMALL PARTNERSHIP (LESS THAN 250,00.00 GROSS AND TWO EMPLOYEES) FILING CHAPTER 7 BANKRUPTUCY. OUR THERE SPECIAL FORMS TO FILE FOR A PARTNERSHIP?

• Category: Bankruptcy
• Date: 04/07/2025
• State: Ohio

Answer:

A partnership can file a Chapter 7 bankruptcy with the same schedules that apply to individuals. A statement of dissolution may be required to be filed with the Secretary of State. Please see the following information:

http://www.irs.gov/businesses/partnerships/article/0,,id=134697,00.html#19

Please see the following OH statute:

§ 1776.65. (RUPA 805) Statement of dissolution.

(A) After dissolution, a partner who has not wrongfully dissociated
may file a statement of dissolution stating the name of the partnership
and that the partnership has dissolved and is winding up its business.

(B) A statement of dissolution cancels a filed statement of partnership
authority for the purposes of division (D) of section 1776.33 of the
Revised Code and is a limitation on such authority for the purposes of
division (E) section 1776.33 of the Revised Code.

(C) For the purposes of sections 1776.31 and 1776.64 of the Revised
Code, a person not a partner is deemed to have notice of the dissolution
and the limitation on the partners' authority as a result of the
statement of dissolution ninety days after it is filed.

(D) After filing and recording any appropriate statement of
dissolution, a dissolved partnership may file, and as appropriate, record
a statement of partnership authority that will operate with respect to a
person not a partner as provided in divisions (D) and (E) of section 1776.33
of the Revised Code in any transaction, whether or not the transaction is
appropriate for winding up the partnership business.