Arizona Laws 29-367. Limited partnership as limited liability partnership
A. A limited partnership is a limited liability partnership as well as a limited partnership if it:
Terms Used In Arizona Laws 29-367
- 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 agreement: means any valid agreement, written or oral, of the partners as to the affairs of a limited partnership and the conduct of its business. See Arizona Laws 29-301
1. Qualifies as a limited liability partnership as provided in section 29-1101 as permitted by its written partnership agreement or, if its written partnership agreement is silent, with the consent of the partners required to amend its written partnership agreement; and
2. Has a name that complies with the requirements of sections 29-302 and 29-1102.
B. In applying section 29-1101 to a limited partnership, all references to partners mean general partners.
C. If a limited partnership is a limited liability partnership, section 29-1026 applies to its general partners and to any of its limited partners who under the provisions of this chapter are liable for the debts or obligations of the partnership.