2014 Kentucky Revised Statutes
CHAPTER 362 - PARTNERSHIPS
Subchapter 2 - Kentucky Uniform Limited Partnership Act (2006)
2.2-404 General partner's liability.
Download as PDF
<![CDATA[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.
]]>
Disclaimer: These codes may not be the most recent version.
Kentucky may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
