| (1) |
A limited partnership is an entity distinct from its 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 Utah Code 48-2e-104
- Limited partnership: means an entity formed under this chapter or which becomes subject to this chapter under 11, or Section 48-2e-1205. See Utah Code 48-2e-102
- 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 have any lawful purpose, regardless of whether for profit. |
| (3) |
A limited partnership has perpetual duration. |
Enacted by Chapter 412, 2013 General Session
