Colorado § 7-62-304 Person erroneously believing self to be a limited partner

Colorado Statutes

§ 7-62-304 — Person erroneously believing self to be a limited partner

Colorado·Title 07 Corporations·Art. Colorado Uniform Limited

(1)Except as provided in subsection (2) of this section, a person who makes a contribution to a business enterprise and erroneously, but in good faith, believes that the person has become a limited partner in the enterprise is not a general partner in the enterprise and is not bound by its obligations by reason of making the contribution, receiving distributions from the enterprise, or exercising any rights of a limited partner, if, on ascertaining the mistake, the person causes an appropriate certificate of limited partnership or a certificate of amendment to be delivered to the secretary of state, for filing pursuant to part 3 of article 90 of this title.

(2)A person who makes a contribution of the kind described in subsection (1) of this section is liable as a general partn

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(1)
Except as provided in subsection (2) of this section, a person who makes a
contribution to a business enterprise and erroneously, but in good faith, believes
that the person has become a limited partner in the enterprise is not a general
partner in the enterprise and is not bound by its obligations by reason of making the
contribution, receiving distributions from the enterprise, or exercising any rights of
a limited partner, if, on ascertaining the mistake, the person causes an appropriate
certificate of limited partnership or a certificate of amendment to be delivered to
the secretary of state, for filing pursuant to part 3 of article 90 of this title.

(2) A person who makes a contribution of the kind described in subsection (1)
of this section is liable as a general partner to any third party who transacts
business with the enterprise before an appropriate certificate is filed in the records
of the secretary of state to show that the person is not a general partner, but only if
the third party actually believed in good faith that the person was a general partner
at the time of the transaction.

Colorado § 7-62-304 (Person erroneously believing self to be a limited partner) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.

Legislative History

Source: L. 81: Entire article added, p. 441, � 1, effective November 1. L. 86: (2) amended, p. 454, � 17, effective July 1. L. 2002: (1) amended, p. 1823, � 44, effective July 1; (1) amended, p. 1687, � 42, effective October 1. L. 2003: Entire section amended, p. 2245, � 135, effective July 1, 2004. L. 2004: Entire section amended, p. 1442, � 131, effective July 1.