Public-domain · open source
OpenJurist

NRS 88.608

Liability of partner for debt or liability of partnership

Known as the Uniform Limited Partnership Act

The act spans §§ 88–88 (109 sections).

Applied in 1 court decision — leading case Montana v. Blixseth (In Re Blixseth) (2012)

Most recently applied in Montana v. Blixseth (In Re Blixseth) (December 2012)

(Added to NRS by 2003, 20th Special Session, 86; A 2009, 1713)

1. Unless otherwise provided by the certificate of limited partnership or partnership agreement, a partner of a registered limited-liability limited partnership is not personally liable for a debt or liability of the registered limited-liability limited partnership unless the trier of fact determines that adherence to the fiction of a separate entity would sanction fraud or promote a manifest injustice.

2. For purposes of this section, the failure of a registered limited-liability limited partnership to observe the formalities or requirements relating to the management of the registered limited-liability limited partnership, in and of itself, is not sufficient to establish grounds for imposing personal liability on a partner for a debt or liability of the registered limited-liability limited partnership.

Official source: Nevada Legislature. Reproduced from public-domain Nevada statutes; confirm against the official source for the current text. Not legal advice.