Section 10A-9A-3.01 Admission of limited partner. (a) The initial limited partner or limited partners of a limited partnership are admitted as a limited partner or limited partners upon the formation of the limited partnership. (b) After formation, a person is admitted as a limited partner of the limited partnership: (1) as provided in the partnership […]
Section 10A-9A-3.02 No right or power as limited partner to bind limited partnership. A limited partner does not have the right or the power as a limited partner to act for or bind the limited partnership. (Act 2016-379, §1.)
Section 10A-9A-3.03 No liability as limited partner for limited partnership obligation. A debt, obligation, or other liability of a limited partnership, whether arising in contract, tort, or otherwise, 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 […]
Section 10A-9A-3.04 Right of limited partner and former limited partner to information. Notwithstanding the provisions of Sections 10A-1-3.32 and 10A-1-3.33: (a) Subject to subsection (g), on 10 days’ demand, made in a writing received by the limited partnership, a limited partner may inspect and copy required information during regular business hours and at a reasonable […]
Section 10A-9A-3.05 Limited duties of limited partners. (a) Except as otherwise provided in subsection (b), a limited partner does not have any duty to the limited partnership or to any other partner solely by reason of being a limited partner. (b) A limited partner shall discharge the duties to the limited partnership and the other […]
Section 10A-9A-3.06 Person erroneously believing self to be limited partner. (a) Except as otherwise provided in subsection (b), a person that makes an investment in an organization and erroneously but in good faith believes that the person has become a limited partner in the organization is not liable for the organization’s obligations by reason of […]
