Maine Revised Statutes Title 31 Sec. 1304 – Nature, purpose and duration of entity
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1. Nature. A limited partnership is an entity distinct from its partners. A limited partnership is the same entity regardless of whether its certificate states that the limited partnership is a limited liability limited partnership.
[PL 2005, c. 543, Pt. C, §2 (NEW).]
Terms Used In Maine Revised Statutes Title 31 Sec. 1304
- 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.
2. Purpose. A limited partnership may be organized under this chapter for any lawful purpose.
[PL 2005, c. 543, Pt. C, §2 (NEW).]
3. Duration. A limited partnership has a perpetual duration.
[PL 2005, c. 543, Pt. C, §2 (NEW).]
SECTION HISTORY
PL 2005, c. 543, §C2 (NEW).