Kentucky Statutes 362.605 – Suits by and against partnerships — Effect of judgments
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(1) A general partnership may sue or be sued in its real name. A judgment by or against a partnership shall bind the partnership as if it were a legal entity. A judgment against a partnership shall not bind a partner in his individual capacity except to the extent permitted by KRS § 362.220.
(2) A limited partnership may sue or be sued in its real name. A judgment by or against a limited partnership shall bind the limited partnership as a legal entity. Judgment against a limited partnership shall not bind a general partner in his, her or its individual capacity except to the extent permitted by KRS § 362.447 and KRS § 362.220, and only if the general partner is named as a party in the action.
(3) The real name of a partnership or limited partnership shall be determined in accordance with KRS § 365.015.
Effective: June 24, 2015
History: Amended 2015 Ky. Acts ch. 34, sec. 55, effective June 24, 2015. — Repeal the prior repeal contained in 2006 Ky. Acts ch. 149, sec. 239, which was to have been effective January 1, 2008, 2007 Ky. Acts ch. 137, sec. 180, effective June 26, 2007. –
– Repealed 2006 Ky. Acts ch. 149, sec. 239, effective January 1, 2008. — Created
1994 Ky. Acts ch. 389, sec. 107, effective July 15, 1994.
(2) A limited partnership may sue or be sued in its real name. A judgment by or against a limited partnership shall bind the limited partnership as a legal entity. Judgment against a limited partnership shall not bind a general partner in his, her or its individual capacity except to the extent permitted by KRS § 362.447 and KRS § 362.220, and only if the general partner is named as a party in the action.
Terms Used In Kentucky Statutes 362.605
- Action: includes all proceedings in any court of this state. See Kentucky Statutes 446.010
- 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
(3) The real name of a partnership or limited partnership shall be determined in accordance with KRS § 365.015.
Effective: June 24, 2015
History: Amended 2015 Ky. Acts ch. 34, sec. 55, effective June 24, 2015. — Repeal the prior repeal contained in 2006 Ky. Acts ch. 149, sec. 239, which was to have been effective January 1, 2008, 2007 Ky. Acts ch. 137, sec. 180, effective June 26, 2007. –
– Repealed 2006 Ky. Acts ch. 149, sec. 239, effective January 1, 2008. — Created
1994 Ky. Acts ch. 389, sec. 107, effective July 15, 1994.