Kansas § 56-1a204 Person erroneously believing self to be limited partner

Kansas Statutes

§ 56-1a204 — Person erroneously believing self to be limited partner

Kansas·Ch. 56 PARTNERSHIPS·Art. 1a REVISED UNIFORM LIMITED PARTNERSHIP ACT

(a)Except as provided in subsection (b), a person who makes a contribution to a partnership and who erroneously but in good faith believes that the person has become a limited partner in the partnership is not a general partner in the partnership and is not bound by its obligations by reason of making the contribution, receiving distributions from the partnership or exercising any rights of a limited partner if, on ascertaining the mistake, such person withdraws from future equity participation in the enterprise by taking such action as may be necessary to withdraw.

(b)A person who makes a contribution under the circumstances described in subsection (a) is liable as a general partner to any third party who transacts business with the partnership prior to the occurrence of either of the e

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(a) Except as provided in subsection (b), a person who makes a contribution to a partnership and who erroneously but in good faith believes that the person has become a limited partner in the partnership is not a general partner in the partnership and is not bound by its obligations by reason of making the contribution, receiving distributions from the partnership or exercising any rights of a limited partner if, on ascertaining the mistake, such person withdraws from future equity participation in the enterprise by taking such action as may be necessary to withdraw.
(b) A person who makes a contribution under the circumstances described in subsection (a) is liable as a general partner to any third party who transacts business with the partnership prior to the occurrence of either of the events referred to in subsection (a):
(1) If the person knew or should have known either that no certificate has been filed or that the certificate inaccurately refers to the person as a general partner; and
(2) if the third party actually believed in good faith that the person was a general partner at the time of the transaction and acted in reliance on such belief.

Kansas § 56-1a204 (Person erroneously believing self to be limited partner) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.