18 Guam Code Ann. § 27504
Terms Used In 18 Guam Code Ann. § 27504
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
- 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.
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18 Guam Code Ann. BUSINESS STRUCTURE & FUNCTION
CH. 27 LIMITED PARTNERSHIPS
(a) The amount of the original contribution of each limited partner, and the time when the contribution was made, and
(b) That the property of the partnership exceeds the amount sufficient to discharge its liabilities to persons not claiming as general or limited partners by an amount greater than the sum of the contribu- tions of its limited partners.
(2) A limited partnership formed under any law of Guam prior to the adoption of this Title, until or unless it becomes a limited partnership under this Chapter, shall continue to be governed by the provisions of law, as they existed prior to the repeal thereof, except that such partnership shall not be renewed unless so provided in the original agreement.
SOURCE: CC § 2506.
NOTE: No Civil Code sections §§ 2507 – 2771 existed in the 1970 Civil Code.
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18 Guam Code Ann. BUSINESS STRUCTURE & FUNCTION
CH. 27 LIMITED PARTNERSHIPS
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