Title 31: PARTNERSHIPS AND ASSOCIATIONS

Chapter 19: UNIFORM LIMITED PARTNERSHIP ACT

Subchapter 1: GENERAL PROVISIONS

§1304. Nature, purpose and duration of entity

1.  Nature.  A limited partnership is an entity distinct from its partners. A limited partnership is the same entity regardless of whether its certificate states that the limited partnership is a limited liability limited partnership.  

[PL 2005, c. 543, Pt. C, §2 (NEW).]

2.  Purpose.  A limited partnership may be organized under this chapter for any lawful purpose.  

[PL 2005, c. 543, Pt. C, §2 (NEW).]

3.  Duration.  A limited partnership has a perpetual duration.  

[PL 2005, c. 543, Pt. C, §2 (NEW).]

SECTION HISTORY

PL 2005, c. 543, §C2 (NEW).