Maine Revised Statutes Title 31 Sec. 1104 – Applicability
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1. Application before July 1, 2007. Before July 1, 2007, this chapter governs only a partnership formed:
A. After July 1, 2007, except a partnership that is continuing the business of a dissolved partnership under former Title 31, section 318; and [PL 2005, c. 543, Pt. A, §2 (NEW).]
B. Before July 1, 2007 that elects, as provided by subsection 3, to be governed by this chapter. [PL 2005, c. 543, Pt. A, §2 (NEW).]
[PL 2005, c. 543, Pt. A, §2 (NEW).]
Terms Used In Maine Revised Statutes Title 31 Sec. 1104
- Business: includes every trade, occupation and profession. See Maine Revised Statutes Title 31 Sec. 1001
- Partnership: means an association of 2 or more persons to carry on as co-owners a business for profit formed under section 1022, predecessor law or comparable law of another jurisdiction. See Maine Revised Statutes Title 31 Sec. 1001
- 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 the agreement, whether written, oral or implied, among the partners concerning the partnership, including amendments to the partnership agreement. See Maine Revised Statutes Title 31 Sec. 1001
- Statement: means a statement of dissociation under section 1074, a statement of dissolution under section 1085, a statement of merger under section 1097, a statement electing to be governed by this chapter prior to July 1, 2006 or an amendment or cancellation of any of the foregoing. See Maine Revised Statutes Title 31 Sec. 1001
- Year: means a calendar year, unless otherwise expressed. See Maine Revised Statutes Title 1 Sec. 72
2. Application on and after July 1, 2007. On and after July 1, 2007, this chapter governs all partnerships.
[PL 2005, c. 543, Pt. A, §2 (NEW).]
3. Election before July 1, 2007. Before July 1, 2007, a partnership voluntarily may elect, in the manner provided in its partnership agreement or by law for amending the partnership agreement, to be governed by this chapter. The provisions of this chapter relating to the liability of the partnership’s partners to 3rd parties apply to limit those partners’ liability to a 3rd party who had done business with the partnership within one year before the partnership’s election to be governed by this chapter only if the 3rd party knows or has received a notification of the partnership’s election to be governed by this chapter. A partnership may elect to be governed by this chapter by filing a statement of election stating the name of the partnership and that the partnership has made the election pursuant to this section.
[PL 2005, c. 543, Pt. A, §2 (NEW).]
SECTION HISTORY
PL 2005, c. 543, §A2 (NEW).