Iowa Code 488.104 – Nature, purpose, and duration of entity
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1. A limited partnership is an entity distinct from its partners. A limited partnership is the same entity regardless of whether its certificate states that the limited partnership is a limited liability limited partnership.
Terms Used In Iowa Code 488.104
- 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.
2. A limited partnership may be organized under this chapter for any lawful purpose.
3. A limited partnership has a perpetual duration.