Nature, purpose, and duration of entity.
A limited partnership is an entity distinct from its partners. A limited partnership is the same entity regardless of whether its certificate states that the limited partnership is a limited liability limited partnership. A limited partnership may be formed under this chapter for any lawful purpose, regardless of whether for profit. A limited partnership shall have a perpetual duration. Application of Law 19-210: Section 7 of D.C. Law 19-210 provided that the act shall apply as of January 1, 2012. Uniform Law: This section is based on § 104 of the Uniform Limited Partnership Act (2001 Act).
Annotations
July 2, 2011, D.C. Law 18-378, § 2, 58 DCR 1720 Mar. 5, 2013, D.C. Law 19-210, § 2(g)(2)(B), 59 DCR 13171 The 2013 amendment by D.C. Law 19-210, in (b), substituted “formed” for “organized” and added “regardless of whether for profit.” This section is referenced in § 29-711.01.
Sourced from the DC Council Open Law Library (public domain).
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