2016 Idaho Statutes
Title 53 - PARTNERSHIP
Chapter 2 - UNIFORM LIMITED PARTNERSHIP ACT
Part 4 - GENERAL PARTNERS
Section 53-2-404 - GENERAL PARTNER'S LIABILITY.

53-2-404. General partner's liability. (1) Except as otherwise provided in subsections (2) and (3) of this section, all general partners are liable jointly and severally for all obligations of the limited partnership unless otherwise agreed by the claimant or provided by law.

(2) A person that becomes a general partner of an existing limited partnership is not personally liable for an obligation of a limited partnership incurred before the person became a general partner.

(3) An obligation of a limited partnership incurred while the limited partnership is a limited liability limited partnership, whether arising in contract, tort, or otherwise, is solely the obligation of the limited partnership. A general partner is not personally liable, directly or indirectly, by way of contribution or otherwise, for such an obligation solely by reason of being or acting as a general partner. This subsection (3) applies despite anything inconsistent in the partnership agreement that existed immediately before the consent required to become a limited liability limited partnership under section 53-2-406(2)(b), Idaho Code.

History:

[53-2-404, added 2006, ch. 144, sec. 2, p. 425.]