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2017 Oregon Revised Statutes
Volume : 02 - Business Organizations, Commercial Code
Chapter 070 - Limited Partnerships
Section 70.140 - Liability of person who erroneously believes person is limited partner.
Universal Citation: OR Rev Stat § 70.140 (2017)
A person who makes a contribution to a business enterprise and erroneously but in good faith believes that the person has become a limited partner in the enterprise is not a general partner in the enterprise and is not bound by its obligations by reason of making the contribution, receiving distributions from the enterprise or exercising any rights of a limited partner if, on ascertaining the mistake, the person promptly takes either of the following actions:
(1) Causes an appropriate certificate of limited partnership or a certificate of amendment to be executed and filed.
(2) Withdraws from future equity participation in the enterprise by executing and submitting for filing with the Office of Secretary of State a certificate declaring withdrawal under this section. [1985 c.677 §21; 1987 c.543 §16]
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