Ohio Code 1776.21 – Partnership as entity distinct from partners
(A) A partnership is an entity distinct from its partners.
Terms Used In Ohio Code 1776.21
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Entity: means any of the following:
(1) A for-profit corporation existing under the laws of this state or any other state;
(2) Any of the following organizations existing under the laws of this state, the United States, or any other state:
(a) A business trust or association;
(b) A real estate investment trust;
(c) A common law trust;
(d) An unincorporated business or for-profit organization including a general or limited partnership;
(e) A limited liability company;
(f) A nonprofit corporation. See Ohio Code 1776.01
- Limited liability partnership: means a partnership that files a statement of qualification under section 1776. See Ohio Code 1776.01
- 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: means an association of two or more persons to carry on as co-owners a business for-profit formed under section 1776. See Ohio Code 1776.01
- Statement: means a statement of correction or corrected statement under section 1776. See Ohio Code 1776.01
(B) A limited liability partnership continues to be the same entity that existed before the filing of a statement of qualification under section 1776.81 of the Revised Code.
(C) Except as otherwise provided in the Revised Code or the partnership agreement, a partnership formed under this chapter has authority to engage in any activity in which a domestic corporation or a domestic limited liability company may lawfully engage and has the powers of a domestic corporation or domestic limited liability company.