Idaho Code 30-23-110 – Application to Existing Relationships
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(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.
Terms Used In Idaho Code 30-23-110
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
- Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
(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.