Revised Uniform Limited Partnership Act

North Carolina · 59 · §§ 59-1001 to 59-909 · 83 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 22 court decisions.

Most-cited authority: 196 N.C. App. 447 - Gaskin v. JS PROCTER COMPANY, LLC

Sections covered

N.C. Gen. Stat. § 59-1001Right of action2 cites
N.C. Gen. Stat. § 59-1002Proper plaintiff
N.C. Gen. Stat. § 59-1003Pleading2 cites
N.C. Gen. Stat. § 59-1004Expenses
N.C. Gen. Stat. § 59-1005Dismissal of action
N.C. Gen. Stat. § 59-1006Construction
N.C. Gen. Stat. § 59-101Short title2 cites
N.C. Gen. Stat. § 59-102Definitions1 cite
N.C. Gen. Stat. § 59-103Name
N.C. Gen. Stat. § 59-105Registered office and registered agent
N.C. Gen. Stat. § 59-1050Conversion
N.C. Gen. Stat. § 59-1051Plan of conversion
N.C. Gen. Stat. § 59-1052Filing of certificate of limited partnership
N.C. Gen. Stat. § 59-1053Effects of conversion
N.C. Gen. Stat. § 59-1058Reserved for future codification purposes
N.C. Gen. Stat. § 59-1059Reserved for future codification purposes
N.C. Gen. Stat. § 59-106Records to be kept
N.C. Gen. Stat. § 59-1060Conversion
N.C. Gen. Stat. § 59-1061Plan of conversion
N.C. Gen. Stat. § 59-1062Articles of conversion
N.C. Gen. Stat. § 59-1063Effects of conversion
N.C. Gen. Stat. § 59-107Nature of business
N.C. Gen. Stat. § 59-1070Merger
N.C. Gen. Stat. § 59-1071Plan of merger
N.C. Gen. Stat. § 59-1072Articles of merger
N.C. Gen. Stat. § 59-1073Effects of merger
N.C. Gen. Stat. § 59-108Business transactions of partner with the partnership
N.C. Gen. Stat. § 59-1101Construction and application
N.C. Gen. Stat. § 59-1102Rules for cases not provided for in this Article
N.C. Gen. Stat. § 59-1103Severability
N.C. Gen. Stat. § 59-1104Effective date and repeal
N.C. Gen. Stat. § 59-1106Filing, service, and copying fees
N.C. Gen. Stat. § 59-1107Income taxation
N.C. Gen. Stat. § 59-201Certificate of limited partnership2 cites
N.C. Gen. Stat. § 59-202Amendment to certificate
N.C. Gen. Stat. § 59-203Cancellation of certificate
N.C. Gen. Stat. § 59-204Execution of documents
N.C. Gen. Stat. § 59-205Execution by judicial act
N.C. Gen. Stat. § 59-206Filing requirements
N.C. Gen. Stat. § 59-207Liability for false statement in certificate2 cites
N.C. Gen. Stat. § 59-208Notice
N.C. Gen. Stat. § 59-209Certificate of existence
N.C. Gen. Stat. § 59-210Limited liability limited partnerships
N.C. Gen. Stat. § 59-301Admission of limited partners
N.C. Gen. Stat. § 59-302Voting
N.C. Gen. Stat. § 59-303Liability to third parties
N.C. Gen. Stat. § 59-304Person erroneously believing himself limited partner2 cites
N.C. Gen. Stat. § 59-305Information
N.C. Gen. Stat. § 59-401Admission of additional general partners
N.C. Gen. Stat. § 59-402Events of withdrawal1 cite
N.C. Gen. Stat. § 59-403General powers and liabilities3 cites
N.C. Gen. Stat. § 59-404Contributions by a general partner
N.C. Gen. Stat. § 59-405Voting
N.C. Gen. Stat. § 59-501Form of contribution
N.C. Gen. Stat. § 59-502Liability for contributions2 cites
N.C. Gen. Stat. § 59-503Sharing income, gain, loss, deduction or credit
N.C. Gen. Stat. § 59-504Sharing of distributions
N.C. Gen. Stat. § 59-601Interim distributions
N.C. Gen. Stat. § 59-602Withdrawal of general partner
N.C. Gen. Stat. § 59-603Withdrawal of limited partner
N.C. Gen. Stat. § 59-604Distribution upon withdrawal
N.C. Gen. Stat. § 59-605Distribution in kind
N.C. Gen. Stat. § 59-606Right to distribution
N.C. Gen. Stat. § 59-607Limitations on distribution
N.C. Gen. Stat. § 59-608Liability upon return of contribution
N.C. Gen. Stat. § 59-701Nature of partnership interest
N.C. Gen. Stat. § 59-702Assignment of partnership interest1 cite
N.C. Gen. Stat. § 59-703Rights of creditor
N.C. Gen. Stat. § 59-704Right of assignee to become limited partner
N.C. Gen. Stat. § 59-705Power of estate of deceased or incompetent partner
N.C. Gen. Stat. § 59-801Nonjudicial dissolution
N.C. Gen. Stat. § 59-802Judicial dissolution
N.C. Gen. Stat. § 59-803Winding up
N.C. Gen. Stat. § 59-804Distribution of assets
N.C. Gen. Stat. § 59-901Law governing2 cites
N.C. Gen. Stat. § 59-902Registration
N.C. Gen. Stat. § 59-903Issuance of registration
N.C. Gen. Stat. § 59-904Name
N.C. Gen. Stat. § 59-905Changes and amendments
N.C. Gen. Stat. § 59-906Cancellation of registration
N.C. Gen. Stat. § 59-907Transaction of business without registration
N.C. Gen. Stat. § 59-908Action by Attorney General
N.C. Gen. Stat. § 59-909Withdrawal of foreign limited partnership by reason of a merger, consolidation, or conversion

Enacted in other states

Delaware, Florida, Kentucky, Maryland, Missouri, Virginia

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