South Carolina Statutes
§ 33-42-440 — Person erroneously believing himself limited partner.
South Carolina § 33-42-440
JurisdictionSouth Carolina
Title 33CORPORATIONS, PARTNERSHIPS AND ASSOCIATIONS
Ch. 42UNIFORM LIMITED PARTNERSHIP ACT
This text of South Carolina § 33-42-440 (Person erroneously believing himself limited partner.) is published on Counsel Stack Legal Research, covering South Carolina primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.
Bluebook
S.C. Code Ann. § 33-42-440 (2026).
Text
(a)Except as provided in subsection (b), a person who makes a contribution to a business enterprise and erroneously but in good faith believes that he 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, he:
(1)causes an appropriate certificate of limited partnership or a certificate of amendment to be executed and filed; or (2) withdraws from future equity participation in the enterprise by executing and filing in the office of the Secretary of State a certificate declaring withdrawal under this section.
(b)A person who makes a contribution of the kind de
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Legislative History
HISTORY: 1984 Act No. 491, SECTION 1; 1985 Act No. 11, SECTIONS 3, 4; 1986 Act No. 533, SECTION 1.
Nearby Sections
15
§ 33-42-10
Short title.§ 33-42-1010
Interim distributions.§ 33-42-1020
Withdrawal of general partner.§ 33-42-1030
Withdrawal of limited partner.§ 33-42-1040
Distribution upon withdrawal.§ 33-42-1050
Distribution in kind.§ 33-42-1060
Right to distribution.§ 33-42-1070
Limitations on distribution.§ 33-42-1080
Liability upon return of contribution.§ 33-42-1210
Nature of partnership interest.§ 33-42-1220
Assignment of partnership interest.§ 33-42-1230
Rights of creditor.§ 33-42-1240
Right of assignee to become limited partner.§ 33-42-1410
Nonjudicial dissolution.Cite This Page — Counsel Stack
Bluebook (online)
South Carolina § 33-42-440, Counsel Stack Legal Research, https://law.counselstack.com/statute/sc/42/33-42-440.