362.1-403 Partner's rights and duties with respect to information.
(1)
(2)
(3)
(4)
A partnership shall keep its books and records, if any, at its chief executive office.
A partnership shall provide partners and their agents and attorneys access to its
books and records. It shall provide former partners and their agents and attorneys
access to books and records pertaining to the period during which they were
partners. The right of access provides the opportunity to inspect and copy books and
records during ordinary business hours. A partnership may impose a reasonable
charge, covering the costs of labor and material, for copies of documents furnished.
Each partner and the partnership shall furnish to a partner, and to the legal
representative of a deceased partner or partner under legal disability:
(a) Without demand, any information concerning the partnership's business and
affairs reasonably required for the proper exercise of the partner's rights and
duties under the partnership agreement or this subchapter; and
(b) On demand, any other information concerning the partnership's business and
affairs, except to the extent the demand or the information demanded is
unreasonable or otherwise improper under the circumstances.
The partnership agreement may impose reasonable limitations upon use of
information obtained under this section and may define appropriate remedies,
including liquidated damages, for the breach of any reasonable limitation on use.
Effective: July 12, 2006
History: Created 2006 Ky. Acts ch. 149, sec. 38, effective July 12, 2006.
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