N.Y. Partnership Law 121-1201 – Existing limited partnership
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§ 121-1201. Existing limited partnership. (a) All limited partnerships formed on or after the effective date of this article shall be governed by this article.
Terms Used In N.Y. Partnership Law 121-1201
- 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.
- State: means a state, territory, or possession of the United States, the District of Columbia, or the Commonwealth of Puerto Rico. See N.Y. Partnership Law 121-101
(b) Except as provided in section 121-1202 of this article, all domestic limited partnerships formed under the laws of this state prior to the effective date of this article shall continue to be governed by article eight of this chapter, as amended, in the same manner as if this article had not been enacted.
(c) All foreign limited partnerships which have authority to do business in New York on such effective date shall be deemed to have received authority under this article and such foreign limited partnerships shall not be required to take any action with respect thereto.