New Mexico Statutes 54-1A-1205. Applicability
(a) The Uniform Partnership Act (1994) N.M. Stat. Ann. § 54-1A-101 to 54-1A-1206 governs only a partnership formed under the laws of this state:
Terms Used In New Mexico Statutes 54-1A-1205
- 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.
(1) after the effective date of that act, unless that partnership is continuing the business of a dissolved partnership under Section 54-1-41 N.M. Stat. Ann., a part of the prior Uniform Partnership Act; and
(2) before the effective date of that act, that elects, as provided by Subsection (b) of this section, to be governed by that act.
(b) A partnership formed under the laws of this state before the effective date of the Uniform Partnership Act voluntarily may elect, in the manner provided in its partnership agreement or by law for amending the partnership agreement, to be governed by the Uniform Partnership Act (1994). Except as otherwise provided in Section 54-1A-306 N.M. Stat. Ann., the provisions of that act relating to the liability of the partnership’s partners to third parties apply to limit those partners’ liability to a third party who had done business with the partnership within one year preceding the partnership’s election to be governed by that act, only if the third party knows or has received a notification of the partnership’s election to be governed by that act.
(c) Until a partnership formed under the laws of this state before the effective date of the Uniform Partnership Act (1994) elects voluntarily to be governed by that act, the partnership shall continue to be governed by the provisions of the prior Uniform Partnership Act.
(d) Subsections (a) and (b) of this section shall not relieve a partnership formed under the laws of this state that elects to be governed by the Uniform Partnership Act (1994) from filing any statement of qualification required by Section 54-1A-1001 N.M. Stat. Ann..
(e) The Uniform Partnership Act (1994) governs any partnership formed at any time under laws other than the laws of this state which shall file any statement of foreign qualification required by Section 54-1A-1102 [NMSA 1978].