An obligation of a limited partnership, whether arising in contract, tort, or otherwise, is not the obligation of a limited partner. A limited partner is not personally liable, directly or indirectly, by way of contribution or otherwise, for an obligation of the limited partnership solely by reason of being a limited partner, even if the limited partner participates in the management and control of the limited partnership.
Iowa Code § 488.303
No liability as limited partner for limited partnership obligations
Known as the Uniform Limited Partnership Act
The act spans §§ 488–488 (109 sections).
2004 Acts, ch 1021, §31, 118
Official source: Iowa Legislature. Reproduced from public-domain Iowa statutes; confirm against the official source for the current text. Not legal advice.