Minnesota Statutes 322.24 – When Certificate Shall Be Canceled or Amended
The certificate shall be canceled when the partnership is dissolved or all limited partners cease to be such.
Terms Used In Minnesota Statutes 322.24
- 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.
- Person: may extend and be applied to bodies politic and corporate, and to partnerships and other unincorporated associations. See Minnesota Statutes 645.44
A certificate shall be amended when:
(1) there is a change in the name of the partnership or in the amount or character of the contribution of any limited partner;
(2) a person is substituted as a limited partner;
(3) an additional limited partner is admitted;
(4) a person is admitted as a general partner;
(5) a general partner retires, dies, or is adjudicated as a person who lacks mental capacity, and the business is continued under section 322.20;
(6) there is a change in the character of the business of the partnership;
(7) there is a false or erroneous statement in the certificate;
(8) there is a change in the time as stated in the certificate for the dissolution of the partnership or for the return of the contribution;
(9) a time is fixed for the dissolution of the partnership, or the return of a contribution, no time having been specified in the certificate; or
(10) the members desire to make a change in any other statement in the certificate in order that it shall accurately represent the agreement between them.