(1) A limited partner does not have any fiduciary duty to the limited partnership or to any other partner solely by reason of being a limited partner.
(2) A limited partner shall discharge the duties to the partnership and the other partners under this subchapter or under the partnership agreement and exercise any rights consistently with the obligation of good faith and fair dealing.

Terms Used In Kentucky Statutes 362.2-305

  • Fiduciary: A trustee, executor, or administrator.
  • Limited partner: means :
    (a) With respect to a limited partnership, a person that:
    1. See Kentucky Statutes 362.2-102
  • 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.
  • 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
  • Violate: includes failure to comply with. See Kentucky Statutes 446.010

(3) A limited partner does not violate a duty or obligation under this subchapter or under the partnership agreement merely because the limited partner’s conduct furthers the limited partner’s own interest.
Effective: July 12, 2006
History: Created 2006 Ky. Acts ch. 149, sec. 119, effective July 12, 2006.

  Previous section
Next section  
 Subchapter 2 Contents