TITLE 30

CORPORATIONS

CHAPTER 23

GENERAL PARTNERSHIPS

PART 1

GENERAL PROVISIONS

30-23-110.  APPLICATION TO EXISTING RELATIONSHIPS. (a) Before July 1, 2017, this chapter governs only:

(1)  A partnership formed on or after July 1, 2015; and

(2)  Except as otherwise provided in subsection (c) of this section, a partnership formed before July 1, 2015, that elects, in the manner provided in its partnership agreement or by law for amending the partnership agreement, to be subject to this chapter.

(b)  Except as otherwise provided in subsection (c) of this section, on and after July 1, 2017, this chapter governs all partnerships.

(c)  With respect to a partnership that elects pursuant to subsection (a)(2) of this section to be subject to this chapter, after the election takes effect the provisions of this chapter relating to the liability of the partnership’s partners to third parties apply:

(1)  Before July 1, 2015, to:

(A)  A third party that had not done business with the partnership in the year before the election took effect; and

(B)  A third party that had done business with the partnership in the year before the election took effect only if the third party knows or has been notified of the election; and

(2)  On and after July 1, 2017, to all third parties, but those provisions remain inapplicable to any obligation incurred while those provisions were inapplicable under paragraph (1)(B) of this subsection.

History:

[30-23-110, added 2015, ch. 243, sec. 23, p. 811.]