Vermont Statutes Title 11 Sec. 3491
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Terms Used In Vermont Statutes Title 11 Sec. 3491
- Limited partner: means a person who has been admitted to a limited partnership as a limited partner in accordance with the partnership agreement. See
- 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.
§ 3491. Right of action
A limited partner may bring an action in the right of a limited partnership to recover a judgment in its favor if general partners with authority to do so have refused to bring the action or if an effort to cause those general partners to bring the action is not likely to succeed. (Added 1997, No. 149 (Adj. Sess.), § 4, eff. Jan. 1, 1999.)