Maryland Code, CORPORATIONS AND ASSOCIATIONS 9A-1006
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Terms Used In Maryland Code, CORPORATIONS AND ASSOCIATIONS 9A-1006
- 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.
(a) A limited partnership may register as a limited liability partnership by complying with § 10-805 of this article.
(b) The provisions of this title applicable to limited liability partnerships shall apply to a limited partnership which registers as a limited liability partnership; provided, however, that in applying this title to such a limited partnership, all references to partners shall mean general partners.
(c) If a limited partnership is a registered limited liability partnership, § 9A-306 of this title applies to its general partners and to any of its limited partners who, under other provisions of this article, are liable for the debts or obligations of the limited partnership.