Wyoming § 17-14-503 General powers and liabilities

Wyoming Statutes

§ 17-14-503 — General powers and liabilities

Wyoming § 17-14-503

Title 17Corporations, Partnerships and Associations

Ch. 14LIMITED PARTNERSHIPS

Art. 5GENERAL PARTNERS

This text of Wyoming § 17-14-503 (General powers and liabilities) is published on Counsel Stack Legal Research, covering Wyoming primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Wyo. Stat. Ann. § 17-14-503 (2026).

Text

(a)Except as provided in this act, in subsections (b) and

(c)of this section or in the partnership agreement, a general partner of a limited partnership has the rights and powers and is subject to the restrictions and liabilities of a partner in a partnership without limited partners.

(b)A person that becomes a general partner of an existing limited partnership is not personally liable for an obligation of a limited partnership incurred before the person became a partner.

(c)An obligation of a limited partnership incurred while the limited partnership is a limited liability limited partnership, whether arising in contract, tort or otherwise, is solely the obligation of the limited partnership. A general partner is not personally liable, directly or indirectly, by way of contribution or

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(a) Except as provided in this act, in subsections (b) and
(c) of this section or in the partnership agreement, a general
partner of a limited partnership has the rights and powers and
is subject to the restrictions and liabilities of a partner in a
partnership without limited partners.
(b) A person that becomes a general partner of an existing
limited partnership is not personally liable for an obligation
of a limited partnership incurred before the person became a
partner.
(c) An obligation of a limited partnership incurred while
the limited partnership is a limited liability limited
partnership, whether arising in contract, tort or otherwise, is
solely the obligation of the limited partnership. A general
partner is not personally liable, directly or indirectly, by way
of contribution or otherwise, for such an obligation solely by
reason of being or acting as a general partner of a limited
liability limited partnership. This subsection applies despite
anything inconsistent in the partnership agreement that existed
immediately before the election by all the partners to become a
limited liability limited partnership. For purposes of this
section, the obligation of a limited partnership under contract
is deemed to arise at the time the limited partnership entered
into the contract.