Maine Statutes
§ 31 §1345 — Limited duties of limited partners
1.No fiduciary duty.
A limited partner does not have any fiduciary duty to the limited partnership or to any other partner solely by reason of being a limited partner.
2.Good faith and fair dealing.
A limited partner shall discharge the duties to the partnership and the other partners under this chapter or under the partnership agreement and exercise any rights consistently with the obligation of good faith and fair dealing.
3.Limited partner's own interest.
A limited partner does not violate a duty or obligation under this chapter or under the partnership agreement merely because the limited partner's conduct furthers the limited partner's own interest.
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Legislative History
PL 2005, c. 543, §C2 (NEW).
Nearby Sections
15
§ 31 §1301
Short title§ 31 §1302
Definitions§ 31 §1303
Knowledge and notice§ 31 §1304
Nature, purpose and duration of entity§ 31 §1305
Powers§ 31 §1306
Governing law§ 31 §1308
Limited partnership name; assumed name§ 31 §1311
Required information§ 31 §1313
Dual capacity§ 31 §1314
Registered office; registered agent