General Partners
Known as the Uniform Limited Partnership Act
The act spans §§ 15900–15912 (125 sections).
Applied in 2 court decisions — leading case 21st Century Financial Services, LLC v. Manchester Financial Bank (2017)
Most recently applied in 21st Century Financial Services, LLC v. Manchester Financial Bank (June 2017)
Added by Stats. 2006, Ch. 495, Sec. 20
(a) Except as otherwise provided in subdivision (b), 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.
(b) 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.
Official source: California Legislative Information. Reproduced from public-domain California statutes; confirm against the official source for the current text. Not legal advice.