A limited partnership has the powers to do all things necessary or convenient to carry on its activities, including the power to sue, be sued, and defend in its own name and to maintain an action against a partner for harm caused to the limited partnership by an actual or threatened injury to the limited partnership, breach of the partnership agreement, or violation of a duty to the partnership.
Effective: July 12, 2006

Terms Used In Kentucky Statutes 362.2-105

  • Action: includes all proceedings in any court of this state. See Kentucky Statutes 446.010
  • Partner: means a limited partner or general partner. See Kentucky Statutes 362.2-102
  • 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.
  • Partnership: includes both general and limited partnerships. See Kentucky Statutes 446.010
  • Partnership agreement: means the partners' agreement, oral, implied, in record form, or in any combination, concerning the limited partnership. See Kentucky Statutes 362.2-102

History: Created 2006 Ky. Acts ch. 149, sec. 84, effective July 12, 2006.

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