Tennessee Statutes
§ 61-3-305 — Limited duties of limited partners
Tennessee·Title 61
(a)A limited partner shall discharge any duties to the partnership and the other partners under the partnership agreement and exercise any rights under this chapter or the partnership agreement consistently with the contractual obligation of good faith and fair dealing.
(b)Except as otherwise provided in subsection (a), a limited partner does not have any duty to the limited partnership or to any other partner solely by reason of acting as a limited partner.
(c)If a limited partner enters into a transaction with a limited partnership, the limited partner's rights and obligations arising from the transaction are the same as those of a person that is not a partner.
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Legislative History
Added by 2017 Tenn. Acts, ch. 440,s 1, eff. 1/1/2018.
Nearby Sections
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§ 61-1-1002
Registered office - Registered agent§ 61-1-1003
Name§ 61-1-1006
Certificate of existence§ 61-1-101
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Knowledge and notice§ 61-1-104
Supplemental principles of law§ 61-1-106
Governing law§ 61-1-1201
Uniformity of application and construction§ 61-1-1202
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