Section 449.1908 – Action to Restrain Foreign Limited Partnership From Transacting Business in State.
449.1908 Action to restrain foreign limited partnership from transacting business in state. Sec. 908. The department of attorney general may bring an action to restrain a foreign limited partnership from transacting business in this state in violation of this article. History: 1982, Act 213, Eff. Jan. 1, 1983
Section 449.1804 – Authority to Wind Up Limited Partnership’s Affairs.
449.1804 Authority to wind up limited partnership’s affairs. Sec. 804. Except as provided in the partnership agreement, the general partners who have not wrongfully dissolved a limited partnership or, if none, the limited partners, may wind up the limited partnership’s affairs; but the circuit court of the county in which the office referred to in […]
Section 449.1805 – Distribution of Assets Upon Winding Up.
449.1805 Distribution of assets upon winding up. Sec. 805. Upon the winding up of a limited partnership, the assets shall be distributed as follows: (1) To creditors, including partners who are creditors, to the extent permitted by law, in satisfaction of liabilities of the limited partnership other than liabilities for distributions to partners under section […]
Section 449.1901 – Foreign Limited Partnership; Governing Laws; Effect of Difference Between Laws on Registration.
449.1901 Foreign limited partnership; governing laws; effect of difference between laws on registration. Sec. 901. Subject to the state constitution of 1963, (1) the laws of the state under which a foreign limited partnership is organized govern its organization and internal affairs and the liability of its limited partners, and (2) a foreign limited partnership […]
Section 449.1902 – Registration Required; Application.
449.1902 Registration required; application. Sec. 902. Before transacting business in this state, a foreign limited partnership shall register with the administrator. In order to register, a foreign limited partnership shall submit to the administrator an application for registration as a foreign limited partnership, signed and sworn to by a general partner and setting forth all […]
Section 449.1607 – Distribution; Limitation.
449.1607 Distribution; limitation. Sec. 607. A partner may not receive a distribution from a limited partnership to the extent that, after giving effect to the distribution, all liabilities of the limited partnership, other than liabilities to partners on account of their partnership interests, exceed the fair value of the partnership assets. History: 1982, Act 213, […]
Section 449.1608 – Limited Partner; Liability Following Return of Contribution.
449.1608 Limited partner; liability following return of contribution. Sec. 608. (a) If a limited partner has received the return of any part of his or her contribution without violation of the partnership agreement or this act, he or she is liable to the limited partnership for a period of 1 year thereafter for the amount […]
Section 449.1701 – Partnership Interest as Personal Property.
449.1701 Partnership interest as personal property. Sec. 701. A partnership interest is personal property. History: 1982, Act 213, Eff. Jan. 1, 1983
Section 449.1702 – Partnership Interest; Assignment; Effect.
449.1702 Partnership interest; assignment; effect. Sec. 702. Except as provided in the partnership agreement: (i) a partnership interest is assignable in whole or in part; (ii) an assignment of a partnership interest does not dissolve a limited partnership or entitle the assignee to become or to exercise any rights of a partner; (iii) an assignment […]
Section 449.1703 – Charging Partnership Interest With Payment of Unsatisfied Amount of Judgment; Rights of Judgment Creditor; Exemptions.
449.1703 Charging partnership interest with payment of unsatisfied amount of judgment; rights of judgment creditor; exemptions. Sec. 703. Upon application to a court of competent jurisdiction by any judgment creditor of a partner, the court may charge the partnership interest of the partner with payment of the unsatisfied amount of the judgment with interest. To […]