Massachusetts General Laws ch. 109 sec. 56 – Right of action by limited partner
Current as of: 2023 | Check for updates
|
Other versions
Section 56. A limited partner may bring an action in the right of a limited partnership to recover a judgment in its favor if general partners with authority to do so have refused to bring the action or if an effort to cause those general partners to bring the action is not likely to succeed.
Terms Used In Massachusetts General Laws ch. 109 sec. 56
- 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.