2012 Kentucky Revised Statutes
CHAPTER 362 PARTNERSHIPS
SUBCHAPTER 2 Kentucky Uniform Limited Partnership Act (2006)
2.404 General partner's liability.

Download as PDF 362.2-404 General partner's liability. (1) (2) (3) (4) 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. A person admitted as a general partner into an existing limited partnership is not personally liable for any limited partnership obligation incurred before the person's admission as a general partner. An obligation of a limited partnership arising out of or related to circumstances or events occurring or 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 indemnification, contribution, assessment, or otherwise, for such an obligation solely by reason of being or acting as a general partner. This subsection applies despite anything inconsistent in the partnership agreement that existed immediately before the consent required to become a limited liability limited partnership under KRS 362.2-406(2)(b). Subsection (3) of this section shall not affect the liability of a general partner for his or her own negligence, wrongful acts, or misconduct. Effective: July 12, 2012 History: Amended 2012 Ky. Acts ch. 81, sec. 121, effective July 12, 2012. -- Amended 2010 Ky. Acts ch. 133, sec. 62, effective July 15, 2010. -- Created 2006 Ky. Acts ch. 149, sec. 124, effective July 12, 2006.