Kentucky Statutes 362.2-104 – Nature, purpose, and duration of entity
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(1) 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.
(2) A limited partnership may be organized under this subchapter for any lawful purpose except for rendering a professional service.
(3) A limited partnership has a perpetual duration.
Effective: July 12, 2006
History: Created 2006 Ky. Acts ch. 149, sec. 83, effective July 12, 2006.
(2) A limited partnership may be organized under this subchapter for any lawful purpose except for rendering a professional service.
Terms Used In Kentucky Statutes 362.2-104
- Entity: means a corporation, foreign corporation, not-for-profit corporation, profit and not-for-profit unincorporated associations, business or statutory trust, estate, partnership, limited partnership, trust, two (2) or more persons having a joint or common economic interest, and a state, national, or foreign government. See Kentucky Statutes 362.2-102
- 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.
- Partnership: includes both general and limited partnerships. See Kentucky Statutes 446.010
(3) A limited partnership has a perpetual duration.
Effective: July 12, 2006
History: Created 2006 Ky. Acts ch. 149, sec. 83, effective July 12, 2006.