Montana Code 35-12-509. Nature, purpose, and duration of entity
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35-12-509. Nature, purpose, and duration of entity. (1) A limited partnership is an entity distinct from its partners’ partners. A limited partnership is the same entity regardless of whether its certificate states that the limited partnership is a limited liability limited partnership.
Terms Used In Montana Code 35-12-509
- 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.
(2)A limited partnership may be organized under this chapter for any lawful purpose.
(3)A limited partnership has a perpetual duration.