Nebraska Statutes 67-264. Withdrawal of general partner
Current as of: 2023 | Check for updates
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A general partner may withdraw from a limited partnership at any time by giving written notice to the other partners, but if the withdrawal violates the partnership agreement, the limited partnership may recover from the withdrawing general partner damages for breach of the partnership agreement, including to the extent stated in the partnership agreement a forfeiture of the withdrawing general partner’s partnership interest, and may offset the damages against the amount otherwise distributable to him or her in addition to any remedies available under applicable law.
Source
- Laws 1981, LB 272, § 32;
- Laws 1989, LB 482, § 38.
Terms Used In Nebraska Statutes 67-264
- Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
- 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.