District of Columbia § 29-706.05 Effect of dissociation as general partner.

District of Columbia Statutes

§ 29-706.05 — Effect of dissociation as general partner.

District of Columbia § 29-706.05

Title 29Business Organizations. [Enacted title]

Ch. 7Limited Partnerships.

Subch. VIDissociation.

This text of District of Columbia § 29-706.05 (Effect of dissociation as general partner.) is published on Counsel Stack Legal Research, covering District of Columbia primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

D.C. Code § 29-706.05 (2026).

Text

(a)Upon a person’s dissociation as a general partner:

(1)The person’s right to participate as a general partner in the management and conduct of the partnership’s activities and affairs shall terminate;

(2)The person’s duty of loyalty as a general partner under § 29-704.08(b)(3) shall terminate;

(3)The person’s duty of loyalty as a general partner under § 29-704.08(b)(1) and (2) and duty of care under § 29-704.08(c) continue only with regard to matters arising and events occurring before the person’s dissociation as a general partner;

(4)The person may sign and deliver to the Mayor for filing a statement of dissociation pertaining to the person and, at the request of the limited partnership, shall sign an amendment to the certificate of limited partnership which states tha

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(a) Upon a person’s dissociation as a general partner:

(1) The person’s right to participate as a general partner in the management and conduct of the partnership’s activities and affairs shall terminate;

(2) The person’s duty of loyalty as a general partner under § 29-704.08(b)(3) shall terminate;

(3) The person’s duty of loyalty as a general partner under § 29-704.08(b)(1) and (2) and duty of care under § 29-704.08(c) continue only with regard to matters arising and events occurring before the person’s dissociation as a general partner;

(4) The person may sign and deliver to the Mayor for filing a statement of dissociation pertaining to the person and, at the request of the limited partnership, shall sign an amendment to the certificate of limited partnership which states that the person has dissociated; and

(5) Subject to § 29-707.04 , subchapter X of this chapter , and Chapter 2 of this title , any transferable interest owned by the person immediately before dissociation in the person’s capacity as a general partner shall be owned by the person as a mere transferee.

(b) A person’s dissociation as a general partner shall not of itself discharge the person from any debt, liability, or other obligation to the limited partnership or the other partners which the person incurred while a general partner.