Section 449.1502 – Obligation of Limited Partner to Contribute; Obligation Upon Failure to Contribute; Compromise of Obligation; Creditor Enforcement of Original Obligation; Obligation of General Partner to Contribute.
449.1502 Obligation of limited partner to contribute; obligation upon failure to contribute; compromise of obligation; creditor enforcement of original obligation; obligation of general partner to contribute. Sec. 502. (a) Except as provided in the certificate of limited partnership, a limited partner is obligated to the limited partnership to perform any promise to contribute cash or […]
Section 449.1503 – Allocation of Profits and Losses Among Partners; Determining Value of Contributions.
449.1503 Allocation of profits and losses among partners; determining value of contributions. Sec. 503. The profits and losses of a limited partnership shall be allocated among the partners, and among classes of partners, in the manner provided in the partnership agreement. If the partnership agreement does not provide for an allocation, profits and losses shall […]
Section 449.1504 – Allocation of Cash and Other Assets Among Partners; Determining Value of Contributions.
449.1504 Allocation of cash and other assets among partners; determining value of contributions. Sec. 504. Distributions of cash or other assets of a limited partnership shall be allocated among the partners, and among classes of partners, in the manner provided in the partnership agreement. If the partnership agreement does not provide for an allocation, distributions […]
Section 449.1601 – Right of Partner to Receive Distributions Before Partner’s Withdrawal From Partnership and Before Dissolution and Winding Up of Partnership.
449.1601 Right of partner to receive distributions before partner’s withdrawal from partnership and before dissolution and winding up of partnership. Sec. 601. Except as provided in this article, a partner is entitled to receive distributions from a limited partnership before the partner’s withdrawal from the limited partnership and before the dissolution and winding up of […]
Section 449.1602 – Right of General Partner to Withdraw; Recovery by Limited Partner for Breach of Partnership Agreement.
449.1602 Right of general partner to withdraw; recovery by limited partner for breach of partnership agreement. Sec. 602. A general partner may withdraw from a limited partnership at any time by giving written notice to the other partners, but if the withdrawal violates the partnership agreement, the limited partnership may recover from the withdrawing general […]
Section 449.1301 – Admission of Additional Limited Partners.
449.1301 Admission of additional limited partners. Sec. 301. (a) After the filing of a limited partnership’s original certificate of limited partnership, a person may be admitted as an additional limited partner: (1) In the case of a person acquiring a partnership interest directly from the limited partnership, upon the compliance with the partnership agreement or, […]
Section 449.1302 – Voting Rights of Limited Partners.
449.1302 Voting rights of limited partners. Sec. 302. Subject to section 303, the partnership agreement may grant to all or a specified group of the limited partners the right to vote, with or without the concurrence of the general partners, on a per capita or other basis, upon any matter. History: 1982, Act 213, Eff. […]
Section 449.1303 – Liability of Limited Partner for Obligations of Limited Partnership.
449.1303 Liability of limited partner for obligations of limited partnership. Sec. 303. (a) Except as provided in subsection (d), a limited partner is not liable for the obligations of a limited partnership unless the limited partner is also a general partner or, in addition to the exercise of rights and powers as a limited partner, […]
Section 449.1304 – Liability of Person Erroneously but in Good Faith Believing He or She Is Limited Partner.
449.1304 Liability of person erroneously but in good faith believing he or she is limited partner. Sec. 304. (a) Except as provided in subsection (b), a person who makes a contribution to a business enterprise and erroneously but in good faith believes that he or she has become a limited partner in the enterprise is […]
Section 449.1305 – Rights of Limited Partner.
449.1305 Rights of limited partner. Sec. 305. Each limited partner has the right to: (1) Inspect and copy or have his or her designated representative inspect and copy any of the partnership records required to be maintained by section 106. (2) Obtain from the general partners, from time to time, upon reasonable demand (i) true […]