§ 1206 — Applicability

(a) Before January 1, 2008, this Act governs only a partnership formed: (1) on or after January 1, 2003, except a partnership that is continuing the business of a dissolved partnership under Section 33 of the superseded Uniform Partnership Act; and (2) before January 1, 2003, that elects, as provided by subsection (c) of this Section, to be governed by this Act. (b) On and after January 1, 2008, this Act governs all partnerships. (c) Before January 1, 2008, a partnership voluntarily may elect, in the manner provided in its partnership agreement or by law for amending the partnership agreement, to be governed by this Act. The provisions of this Act relating to the liability of the partnership's partners to third parties apply to limit those partners' liability to a third party who had done business with the partnership within one year before the partnership's election to be governed by this Act only if the third party knows or has received a notification of the partnership's election to be governed by this Act.

Legislative History

(Source: P.A. 92-740, eff. 1-1-03.)