Florida Statutes 620.2120 – Limited partner’s acceptance of limited partnership’s offer
Current as of: 2023 | Check for updates
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Terms Used In Florida Statutes 620.2120
- 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.
(1) If the limited partner states on the form provided in s. 620.2118(1) that the limited partner accepts the offer of the limited partnership to pay the limited partnership’s estimated fair value for the limited partner interest, the limited partnership shall make such payment to the limited partner within 90 days after the limited partnership’s receipt of the items required by s. 620.2119(1).
(2) Upon payment of the agreed value, the limited partner shall cease to have any interest in the partnership interests.