(1) The law of this Commonwealth governs relations among the partners of a limited partnership, and between the partners and the limited partnership, and the liability of partners as partners for an obligation of a limited partnership.
(2) A limited partnership governed by this subchapter is subject to any amendment or repeal of this subchapter.

Terms Used In Kentucky Statutes 362.2-106

  • Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
  • 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.
  • Partnership: includes both general and limited partnerships. See Kentucky Statutes 446.010

Effective: July 15, 2010
History: Amended 2010 Ky. Acts ch. 133, sec. 58, effective July 15, 2010. — Created
2006 Ky. Acts ch. 149, sec. 85, effective July 12, 2006.

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