North Dakota Code 45-10.2-07 – (104) Nature, purpose, and duration of entity
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1. A limited partnership is an entity distinct from its partners.
Terms Used In North Dakota Code 45-10.2-07
- 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.
- Partnership: includes a limited liability partnership registered under chapter 45-22. See North Dakota Code 1-01-49
2. A limited partnership may be organized under this chapter for any lawful purpose except banking or insurance.
3. A limited partnership has a perpetual duration unless otherwise provided in its certificate of limited partnership.