Idaho Code 30-24-106 – Partnership Agreement — Effect On Limited Partnership and Person Becoming Partner — Preformation Agreement
Current as of: 2023 | Check for updates
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(a) A limited partnership is bound by and may enforce the partnership agreement, whether or not the partnership has itself manifested assent to the agreement.
(b) A person that becomes a partner of a limited partnership is deemed to assent to the partnership agreement.
Terms Used In Idaho Code 30-24-106
- 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: includes a corporation as well as a natural person;
Idaho Code 73-114
(c) Two (2) or more persons intending to become the initial partners of a limited partnership may make an agreement providing that upon the formation of the partnership the agreement will become the partnership agreement.