Section 449.1101 – Definitions.
449.1101 Definitions. Sec. 101. As used in this act, unless the context otherwise requires: (1) “Administrator” means the chief officer of the Michigan department of commerce or his or her designated representative. (2) “Certificate of limited partnership” means the certificate, and the certificate as amended or restated, referred to in section 201. (3) “Contribution” means […]
Section 449.1102 – Name of Limited Partnership; Requirements and Restrictions.
449.1102 Name of limited partnership; requirements and restrictions. Sec. 102. The name of each limited partnership as set forth in its certificate of limited partnership: (1) Shall contain without abbreviation the words “limited partnership”. (2) May not contain the name of a limited partner unless: (i) the name is also the name of a general […]
Section 449.1103 – Name of Limited Partnership; Reservation of Exclusive Right to Use; Application; Time Period; Expiration; Extension; Transfer of Right.
449.1103 Name of limited partnership; reservation of exclusive right to use; application; time period; expiration; extension; transfer of right. Sec. 103. (a) The exclusive right to the use of a name may be reserved by any of the following: (1) Any person intending to organize a limited partnership under this act and to adopt that […]
Section 449.1104 – Transacting Business Under Assumed Name; Certificate.
449.1104 Transacting business under assumed name; certificate. Sec. 104. (a) A domestic limited partnership may transact its business under any assumed name or names other than its name as set forth in its certificate of limited partnership and a foreign limited partnership may transact its business under any assumed name or names other than the […]
Section 449.1105 – Maintenance of Office and Agent for Service of Process; Resignation of Agent; Appointment of Successor.
449.1105 Maintenance of office and agent for service of process; resignation of agent; appointment of successor. Sec. 105. (a) Each limited partnership shall continuously maintain in this state both of the following: (1) An office, which may be but need not be a place of its business in this state, at which shall be kept […]
Section 449.1106 – Records Required to Be Kept at Office; Inspection and Copying by Partner or Representative.
449.1106 Records required to be kept at office; inspection and copying by partner or representative. Sec. 106. Each limited partnership shall keep at the office referred to in section 105(a)(1) all of the following: (1) a current list of the full name and last known business or residence address of each partner, specifying separately the […]
Section 449.1107 – Business Which May Be Carried On.
449.1107 Business which may be carried on. Sec. 107. A limited partnership may carry on any business that a partnership without limited partners may carry on except as otherwise provided by law. History: 1982, Act 213, Eff. Jan. 1, 1983
Section 449.1108 – Loans by Partner and Other Transactions With Limited Partnership; Rights and Obligations.
449.1108 Loans by partner and other transactions with limited partnership; rights and obligations. Sec. 108. Except as provided in the partnership agreement, a partner may lend money to and transact other business with the limited partnership and, subject to other applicable law, has the same rights and obligations with respect to the limited partnership as […]
Section 449.1109 – Agreement to Pay Interest in Excess of Legal Rate; Defense of Usury Prohibited.
449.1109 Agreement to pay interest in excess of legal rate; defense of usury prohibited. Sec. 109. A domestic or foreign limited partnership, whether or not formed at the request of a lender, may by agreement in writing, and not otherwise, agree to pay a rate of interest in excess of the legal rate, and in […]