§ 7-13.1-301. Becoming limited partner. [Effective January 1, 2023.] (a) Upon formation of a limited partnership, a person becomes a limited partner as agreed among the persons that are to be the initial partners. (b) After formation, a person becomes a limited partner: (1) As provided in the partnership agreement; (2) As the result of […]
§ 7-13.1-302. No agency power of limited partner as limited partner. [Effective January 1, 2023.] (a) A limited partner is not an agent of a limited partnership solely by reason of being a limited partner. (b) A person’s status as a limited partner does not prevent or restrict law other than this chapter from imposing […]
§ 7-13.1-303. No liability as limited partner for limited partnership obligations. [Effective January 1, 2023.] (a) A debt, obligation, or other liability of a limited partnership is not the debt, obligation, or other liability of a limited partner. A limited partner is not personally liable, directly or indirectly, by way of contribution or otherwise, for […]
§ 7-13.1-304. Rights to information of limited partner and person dissociated as limited partner. [Effective January 1, 2023.] (a) On ten (10) days’ demand, made in a record received by the limited partnership, a limited partner may inspect and copy required information during regular business hours in the limited partnership’s principal office. The limited partner […]
§ 7-13.1-305. Limited duties of limited partners. [Effective January 1, 2023.] (a) A limited partner shall discharge any duties to the partnership and the other partners under the partnership agreement and exercise any rights under this chapter or the partnership agreement consistently with the contractual obligation of good faith and fair dealing. (b) Except as […]
§ 7-13.1-306. Person erroneously believing self to be limited partner. [Effective January 1, 2023.] (a) Except as otherwise provided in subsection (b) of this section, a person that makes an investment in a business enterprise and erroneously but in good faith believes that the person has become a limited partner in the enterprise is not […]
