Nevada Revised Statutes 88.342 – Business which may be carried on; prohibition against formation of limited partnership for certain illegal purposes
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1. A limited partnership may carry on any business that a partnership without limited partners may carry on except banking or insurance.
Terms Used In Nevada Revised Statutes 88.342
- 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.
- person: means a natural person, any form of business or social organization and any other nongovernmental legal entity including, but not limited to, a corporation, partnership, association, trust or unincorporated organization. See Nevada Revised Statutes 0.039
2. A person shall not form a limited partnership for any illegal purpose or with the fraudulent intent to conceal any business activity, or lack thereof, from another person or a governmental agency.