When a terminating event happens to a limited partnership, you need to know what happens to the people in charge, called general partners. Their authority to make decisions for the partnership keeps going, but only to sort out any unfinished business and wrap up the partnership's affairs. This means they can still make decisions to complete any transactions that were started before the terminating event, but not for any new things.

The general partners' authority only continues for as long as it's necessary to finish off the partnership's business. If you're a general partner, your rights and obligations will still apply, but only to the extent that you need to wind up the partnership's affairs.

You should be aware that the general partners' authority does not keep going after a terminating event, unless it's to wind up the partnership's business as described.