Virginia Revised Uniform Limited Partnership Act

Virginia · 50 · §§ 50-73.1 to 50-73.9 · 105 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 43 court decisions.

Most-cited authority: 973 F.2d 301 - Delta Financial Corp. v. Paul D. Comanduras & Associates

Sections covered

Va. Code Ann. § 50-73.1Definitions9 cites
Va. Code Ann. § 50-73.10Business transactions of partner with partnership
Va. Code Ann. § 50-73.10:1Unlawful to transact or offer to transact business as a limited partnership unless authorized; penalty
Va. Code Ann. § 50-73.11Certificate of limited partnership1 cite
Va. Code Ann. § 50-73.11:1Repealed
Va. Code Ann. § 50-73.11:2Repealed
Va. Code Ann. § 50-73.11:3Conversion of general partnership to limited partnership
Va. Code Ann. § 50-73.11:4Effect of conversion; entity unchanged
Va. Code Ann. § 50-73.12Amendment of certificate2 cites
Va. Code Ann. § 50-73.13Repealed
Va. Code Ann. § 50-73.14Repealed
Va. Code Ann. § 50-73.15Execution of documents; penalty1 cite
Va. Code Ann. § 50-73.16Execution by judicial act
Va. Code Ann. § 50-73.17Filing; fees; effective time and date1 cite
Va. Code Ann. § 50-73.18Liability for false statement in certificate
Va. Code Ann. § 50-73.19Scope of notice
Va. Code Ann. § 50-73.2Name1 cite
Va. Code Ann. § 50-73.20Delivery of certificates to limited partners
Va. Code Ann. § 50-73.21Assumed or fictitious names
Va. Code Ann. § 50-73.22Repealed
Va. Code Ann. § 50-73.22:1Admission of limited partners
Va. Code Ann. § 50-73.23Voting
Va. Code Ann. § 50-73.24Liability to third parties3 cites
Va. Code Ann. § 50-73.25Person erroneously believing himself limited partner
Va. Code Ann. § 50-73.26Information
Va. Code Ann. § 50-73.27Admission of additional general partners1 cite
Va. Code Ann. § 50-73.28Events of withdrawal2 cites
Va. Code Ann. § 50-73.29General powers and liabilities1 cite
Va. Code Ann. § 50-73.3Reserved name
Va. Code Ann. § 50-73.30Contributions by general partner
Va. Code Ann. § 50-73.31Voting
Va. Code Ann. § 50-73.32Form of contribution
Va. Code Ann. § 50-73.33Liability for contribution1 cite
Va. Code Ann. § 50-73.34Sharing of profits and losses
Va. Code Ann. § 50-73.35Sharing of distributions
Va. Code Ann. § 50-73.36Interim distributions
Va. Code Ann. § 50-73.37Withdrawal of general partner
Va. Code Ann. § 50-73.38Withdrawal of limited partner
Va. Code Ann. § 50-73.39Repealed
Va. Code Ann. § 50-73.39:1No right to distribution upon withdrawal
Va. Code Ann. § 50-73.4Principal office, registered office, and registered agent1 cite
Va. Code Ann. § 50-73.40Distribution in kind
Va. Code Ann. § 50-73.41Right to distribution
Va. Code Ann. § 50-73.42Limitations on distribution
Va. Code Ann. § 50-73.43Liability upon return of contribution
Va. Code Ann. § 50-73.44Nature of partnership interest3 cites
Va. Code Ann. § 50-73.45Assignment of partnership interest1 cite
Va. Code Ann. § 50-73.46Repealed
Va. Code Ann. § 50-73.46:1Partner's transferable interest subject to charging order
Va. Code Ann. § 50-73.47Right of assignee to become limited partner
Va. Code Ann. § 50-73.48Power of estate of deceased or incapacitated partner
Va. Code Ann. § 50-73.48:1Merger
Va. Code Ann. § 50-73.48:2Approval of merger by domestic limited partnership
Va. Code Ann. § 50-73.48:3Articles of merger
Va. Code Ann. § 50-73.48:4Effect of merger
Va. Code Ann. § 50-73.48:5Abandonment of merger
Va. Code Ann. § 50-73.49Dissolution generally3 cites
Va. Code Ann. § 50-73.5Change of registered office or registered agent
Va. Code Ann. § 50-73.50Judicial dissolution1 cite
Va. Code Ann. § 50-73.51Winding up2 cites
Va. Code Ann. § 50-73.52Distribution of assets1 cite
Va. Code Ann. § 50-73.52:1Known claims against dissolved limited partnership
Va. Code Ann. § 50-73.52:2Other claims against dissolved limited partnership
Va. Code Ann. § 50-73.52:3Court proceedings
Va. Code Ann. § 50-73.52:4Certificate of cancellation
Va. Code Ann. § 50-73.52:5Automatic cancellation of limited partnership existence
Va. Code Ann. § 50-73.52:6Involuntary cancellation of limited partnership existence
Va. Code Ann. § 50-73.52:7Reinstatement of a limited partnership that has ceased to exist
Va. Code Ann. § 50-73.53Authority to transact business required; governing law
Va. Code Ann. § 50-73.54Application for certificate of registration
Va. Code Ann. § 50-73.55Repealed
Va. Code Ann. § 50-73.56Name
Va. Code Ann. § 50-73.57Amendments; amended applications for registration
Va. Code Ann. § 50-73.57:1Liability for false statement in application
Va. Code Ann. § 50-73.57:2Merger of foreign limited partnership registered to transact business in Commonwealth
Va. Code Ann. § 50-73.57:3Entity conversion of foreign limited partnership registered to transact business in Commonwealth
Va. Code Ann. § 50-73.58Voluntary cancellation of certificate of registration
Va. Code Ann. § 50-73.58:1Automatic cancellation of certificate of registration
Va. Code Ann. § 50-73.58:2Involuntary cancellation of certificate of registration
Va. Code Ann. § 50-73.58:3Reinstatement of a certificate of registration that has been canceled
Va. Code Ann. § 50-73.59Transaction of business without registration
Va. Code Ann. § 50-73.6Resignation of registered agent
Va. Code Ann. § 50-73.60Action by Attorney General
Va. Code Ann. § 50-73.61Transactions not constituting transacting business
Va. Code Ann. § 50-73.62Right of action2 cites
Va. Code Ann. § 50-73.63Proper plaintiff1 cite
Va. Code Ann. § 50-73.64Pleading
Va. Code Ann. § 50-73.65Expenses1 cite
Va. Code Ann. § 50-73.66Annual registration fees to be assessed and collected by Commission; application of payment
Va. Code Ann. § 50-73.67Annual registration fees to be paid by domestic and foreign limited partnerships
Va. Code Ann. § 50-73.68Repealed
Va. Code Ann. § 50-73.69Penalty for failure to timely pay annual registration fee
Va. Code Ann. § 50-73.7Service on limited partnership1 cite
Va. Code Ann. § 50-73.70Payment of fees, fines, penalties, and interest prerequisite to Commission action; refunds
Va. Code Ann. § 50-73.71Collection by suit and of unpaid bills
Va. Code Ann. § 50-73.72Construction and application
Va. Code Ann. § 50-73.73Short title1 cite
Va. Code Ann. § 50-73.74Repealed
Va. Code Ann. § 50-73.75Rules for cases not provided for in this chapter2 cites
Va. Code Ann. § 50-73.76Application to existing limited partnership
Va. Code Ann. § 50-73.76:1Property title records
Va. Code Ann. § 50-73.77Transition and savings provisions
Va. Code Ann. § 50-73.78Limited partnership as registered limited liability partnership
Va. Code Ann. § 50-73.8Records to be kept
Va. Code Ann. § 50-73.9Nature of business

Enacted in other states

Delaware, Florida, Kentucky, Maryland, Missouri, North Carolina

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