Section 449.1704 – Assignee; Right to Become Limited Partner; Rights, Powers, Restrictions, and Liabilities of Assignee Who Becomes Limited Partner.
449.1704 Assignee; right to become limited partner; rights, powers, restrictions, and liabilities of assignee who becomes limited partner. Sec. 704. (a) An assignee of a partnership interest, including an assignee of a general partner, may become a limited partner if and to the extent that (1) the assignor gives the assignee that right in accordance […]
Section 449.1705 – Effect of Death or Adjudication of Disability of Individual Partner; Non-Individual Partner; Effect of Dissolution or Termination of Corporation, Trust, or Other Entity as Partner.
449.1705 Effect of death or adjudication of disability of individual partner; non-individual partner; effect of dissolution or termination of corporation, trust, or other entity as partner. Sec. 705. If a partner who is an individual dies or a court of competent jurisdiction adjudges the partner to be unable to manage his or her property or […]
Section 449.1801 – Dissolution of Limited Partnership.
449.1801 Dissolution of limited partnership. Sec. 801. A limited partnership is dissolved and its affairs shall be wound up upon the happening of the first to occur of the following: (1) At the time or upon the happening of events specified in the certificate of limited partnership. (2) Written consent of all partners. (3) An […]
Section 449.1802 – Court-Ordered Dissolution on Application by or for Partner; Grounds; Other Relief; Forwarding Order of Dissolution to Administrator.
449.1802 Court-ordered dissolution on application by or for partner; grounds; other relief; forwarding order of dissolution to administrator. Sec. 802. On application by or for a partner the circuit court of the county in which the office referred to in section 105(a)(1) is located may decree dissolution of a limited partnership when it is established […]
Section 449.1803 – Action by Attorney General for Dissolution; Grounds; Other Actions.
449.1803 Action by attorney general for dissolution; grounds; other actions. Sec. 803. (a) The department of attorney general may bring an action in the circuit court of the county in which the office referred to in section 105(a)(1) is located for dissolution of a limited partnership upon the ground that the limited partnership has committed […]
Section 449.1606 – Status and Remedies of Partner as Creditor With Respect to Distribution.
449.1606 Status and remedies of partner as creditor with respect to distribution. Sec. 606. At the time a partner becomes entitled to receive a distribution, the partner has the status of, and is entitled to all remedies available to, a creditor of the limited partnership with respect to the distribution. History: 1982, Act 213, Eff. […]
Section 449.1501 – Contribution of Partner, Form.
449.1501 Contribution of partner, form. Sec. 501. The contribution of a partner may be in cash, property, or services rendered, or a promissory note or other obligation to contribute cash or property or to perform services. History: 1982, Act 213, Eff. Jan. 1, 1983
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 […]