California Business and Professions Code 19891 – No limited partnership is eligible to receive a license to own a …
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No limited partnership is eligible to receive a license to own a gambling enterprise unless the conduct of gambling is among the purposes stated in the certificate of limited partnership.
(Added by renumbering Section 19881 by Stats. 2002, Ch. 738, Sec. 70. Effective January 1, 2003.)
Terms Used In California Business and Professions Code 19891
- Gambling: means to deal, operate, carry on, conduct, maintain, or expose for play a controlled game. See California Business and Professions Code 19805
- License: means a gambling license, key employee license, or any other license issued by the commission pursuant to this chapter or regulations adopted pursuant to this chapter. See California Business and Professions Code 19805
- Limited partnership: means a partnership formed by two or more persons having as members one or more general partners and one or more limited partners. See California Business and Professions Code 19805
- 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.