Florida Revised Uniform Limited Partnership Act

Florida · Partnership Laws · §§ 620.1101 to 620.2205 · 121 sections

Overview

This act supplies the statutory framework for limited partnerships, covering how one is formed by filing a certificate with the state filing office, how it is named and kept in good standing through required records, annual reports, and a registered agent and office, and how it is dissolved and terminated. It defines two classes of partners: general partners, who act as agents of the partnership and bear responsibility for its obligations, and limited partners, who have no power to bind the partnership and are not personally liable for its debts, but who hold information rights and certain approval rights. It also makes the partnership agreement the primary source of internal governance, subject to provisions that cannot be waived, and addresses service of process, liability for false information in filed records, and actions brought by and against the partnership and its partners.

Editorial summary generated from the text of this act. It is not part of the statute — read the sections below for the operative language.

In the courts

Sections of this act have been cited in 12 court decisions.

Most-cited authority: 557 B.R. 89 - Picard v. Avellino (In re Bernard L. Madoff Investment Securities LLC)

Sections covered

Fla. Stat. § 620.1101Popular name1 cite
Fla. Stat. § 620.1102Definitions
Fla. Stat. § 620.1103Knowledge and notice
Fla. Stat. § 620.1104Nature, purpose, and duration of entity
Fla. Stat. § 620.1105Powers
Fla. Stat. § 620.1106Governing law
Fla. Stat. § 620.1107Supplemental principles of law; rate of interest1 cite
Fla. Stat. § 620.1108Name
Fla. Stat. § 620.11085Reserved name
Fla. Stat. § 620.1109Department of State; fees
Fla. Stat. § 620.1110Effect of partnership agreement; nonwaivable provisions1 cite
Fla. Stat. § 620.1111Required information
Fla. Stat. § 620.1112Business transactions of partner with partnership
Fla. Stat. § 620.1113Dual capacity
Fla. Stat. § 620.1114Designated office, registered office, and registered agent
Fla. Stat. § 620.1115Change of registered agent or registered office
Fla. Stat. § 620.1116Resignation of registered agent
Fla. Stat. § 620.1117Serving process, giving notice, or making a demand on a limited partnership or a foreign limited partnership
Fla. Stat. § 620.1118Consent and proxies of partners
Fla. Stat. § 620.1201Formation of limited partnership; certificate of limited partnership
Fla. Stat. § 620.1202Amendment or restatement of certificate
Fla. Stat. § 620.1203Certificate of dissolution; statement of termination
Fla. Stat. § 620.1204Signing of records
Fla. Stat. § 620.1205Signing and filing pursuant to judicial order
Fla. Stat. § 620.1206Delivery to and filing of records by Department of State; effective time and date; notice
Fla. Stat. § 620.1207Correcting filed record
Fla. Stat. § 620.1208Liability for false information in filed record
Fla. Stat. § 620.1209Certificate of status
Fla. Stat. § 620.1210Annual report for Department of State
Fla. Stat. § 620.1301Becoming limited partner
Fla. Stat. § 620.1302No right or power as limited partner to bind limited partnership; certain approval rights1 cite
Fla. Stat. § 620.1303No liability as limited partner for limited partnership obligations
Fla. Stat. § 620.1304Right of limited partner and former limited partner to information
Fla. Stat. § 620.1305Limited duties of limited partners
Fla. Stat. § 620.1306Person erroneously believing self to be limited partner
Fla. Stat. § 620.1401Becoming general partner
Fla. Stat. § 620.1402General partner agent of limited partnership1 cite
Fla. Stat. § 620.1403Limited partnership liable for general partner’s actionable conduct
Fla. Stat. § 620.1404General partner’s liability2 cites
Fla. Stat. § 620.1405Actions by and against partnership and partners
Fla. Stat. § 620.1406Management rights of general partner; approval rights of other partners
Fla. Stat. § 620.1407Right of general partner and former general partner to information
Fla. Stat. § 620.1408General standards of conduct for general partner1 cite
Fla. Stat. § 620.1501Form of contribution
Fla. Stat. § 620.1502Liability for contribution
Fla. Stat. § 620.1503Sharing of profits, losses, and distributions
Fla. Stat. § 620.1504Interim distributions
Fla. Stat. § 620.1505No distribution on account of dissociation
Fla. Stat. § 620.1506Distribution in kind
Fla. Stat. § 620.1507Right to distribution
Fla. Stat. § 620.1508Limitations on distribution
Fla. Stat. § 620.1509Liability for improper distributions
Fla. Stat. § 620.1601Dissociation as limited partner
Fla. Stat. § 620.1602Effect of dissociation as limited partner
Fla. Stat. § 620.1603Dissociation as general partner
Fla. Stat. § 620.1604Person’s power to dissociate as general partner; wrongful dissociation
Fla. Stat. § 620.1605Effect of dissociation as general partner
Fla. Stat. § 620.1606Power to bind and liability to limited partnership before dissolution of partnership of person dissociated as general partner
Fla. Stat. § 620.1607Liability to other persons of person dissociated as general partner
Fla. Stat. § 620.1701Partner’s transferable interest; certificates
Fla. Stat. § 620.1702Transfer of partner’s transferable interest
Fla. Stat. § 620.1703Rights of creditor of partner or transferee
Fla. Stat. § 620.1704Power of estate of deceased partner
Fla. Stat. § 620.1801Nonjudicial dissolution
Fla. Stat. § 620.1802Judicial dissolution
Fla. Stat. § 620.1803Winding up
Fla. Stat. § 620.1804Power of general partner and person dissociated as general partner to bind partnership after dissolution
Fla. Stat. § 620.1805Liability after dissolution of general partner and person dissociated as general partner to limited partnership, other general partners, and persons dissociated as general partner
Fla. Stat. § 620.1806Known claims against dissolved limited partnership1 cite
Fla. Stat. § 620.1807Unknown claims against dissolved limited partnership
Fla. Stat. § 620.1808Liability of general partner and person dissociated as general partner when claim against limited partnership barred
Fla. Stat. § 620.1809Administrative dissolution
Fla. Stat. § 620.1810Reinstatement following administrative dissolution
Fla. Stat. § 620.1811Appeal from denial of reinstatement
Fla. Stat. § 620.1812Revocation of dissolution
Fla. Stat. § 620.1813Disposition of assets; when contributions required
Fla. Stat. § 620.1901Governing law regarding foreign limited partnerships1 cite
Fla. Stat. § 620.1902Application for certificate of authority
Fla. Stat. § 620.1903Activities not constituting transacting business
Fla. Stat. § 620.1904Filing of certificate of authority
Fla. Stat. § 620.1905Noncomplying name of foreign limited partnership
Fla. Stat. § 620.1906Revocation of certificate of authority
Fla. Stat. § 620.1907Cancellation of certificate of authority; effect of failure to have certificate
Fla. Stat. § 620.1908Action by Attorney General
Fla. Stat. § 620.1909Reinstatement following administrative revocation
Fla. Stat. § 620.1910Amending certificate of authority
Fla. Stat. § 620.2001Direct action by partner1 cite
Fla. Stat. § 620.2002Derivative action
Fla. Stat. § 620.2003Proper plaintiff
Fla. Stat. § 620.2004Pleading
Fla. Stat. § 620.2005Proceeds and expenses
Fla. Stat. § 620.2101Definitions
Fla. Stat. § 620.2102Conversion
Fla. Stat. § 620.2103Action on plan of conversion by converting limited partnership
Fla. Stat. § 620.2104Filings required for conversion; effective date
Fla. Stat. § 620.2105Effect of conversion
Fla. Stat. § 620.2106Merger
Fla. Stat. § 620.2107Action on plan of merger by constituent limited partnership
Fla. Stat. § 620.2108Filings required for merger; effective date
Fla. Stat. § 620.2109Effect of merger
Fla. Stat. § 620.2110Restrictions on approval of conversions and mergers and on relinquishing limited liability limited partnership status
Fla. Stat. § 620.2111Liability of general partner after conversion or merger
Fla. Stat. § 620.2112Power of general partners and persons dissociated as general partners to bind organization after conversion or merger
Fla. Stat. § 620.2113Appraisal rights; definitions
Fla. Stat. § 620.2114Right of limited partners to appraisal
Fla. Stat. § 620.2115Assertion of rights by nominees and beneficial owners
Fla. Stat. § 620.2116Notice of appraisal rights
Fla. Stat. § 620.2117Notice of intent to demand payment
Fla. Stat. § 620.2118Appraisal notice and form
Fla. Stat. § 620.2119Perfection of rights; right to withdraw
Fla. Stat. § 620.2120Limited partner’s acceptance of limited partnership’s offer
Fla. Stat. § 620.2121Procedure if limited partner is dissatisfied with offer
Fla. Stat. § 620.2122Court action
Fla. Stat. § 620.2123Court costs and counsel fees
Fla. Stat. § 620.2124Limitation on limited partnership payment
Fla. Stat. § 620.2125Application of other laws to provisions governing conversions and mergers
Fla. Stat. § 620.2201Uniformity of application and construction
Fla. Stat. § 620.2202Severability clause
Fla. Stat. § 620.2203Relation to Electronic Signatures in Global and National Commerce Act
Fla. Stat. § 620.2204Application to existing relationships1 cite
Fla. Stat. § 620.2205Savings clause

Enacted in other states

Delaware, Kentucky, Maryland, Missouri, North Carolina, Virginia

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