Washington Code 25.10.516 – Effect of dissociation as limited partner
Current as of: 2023 | Check for updates
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(1) Upon a person‘s dissociation as a limited partner:
Terms Used In Washington Code 25.10.516
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
- 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: may be construed to include the United States, this state, or any state or territory, or any public or private corporation or limited liability company, as well as an individual. See Washington Code 1.16.080
(a) Subject to RCW 25.10.561, the person does not have further rights as a limited partner;
(b) The person’s obligation of good faith and fair dealing as a limited partner under RCW 25.10.341(2) continues only as to matters arising and events occurring before the dissociation; and
(c) Subject to RCW 25.10.561 and article 11 of this chapter, any transferable interest owned by the person in the person’s capacity as a limited partner immediately before dissociation is owned by the person as a mere transferee.
(2) A person’s dissociation as a limited partner does not of itself discharge the person from any obligation to the limited partnership or the other partners that the person incurred while a limited partner.
[ 2009 c 188 § 602.]