Washington Code 25.05.901 – Dates of applicability
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(1) Before January 1, 1999, this chapter governs only a partnership formed:
Terms Used In Washington Code 25.05.901
- 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.
(a) After June 11, 1998, unless that partnership is continuing the business of a dissolved partnership under *RCW 25.04.410; and
(b) Before June 11, 1998, that elects, as provided by subsection (3) of this section, to be governed by this chapter.
(2) Effective January 1, 1999, this chapter governs all partnerships.
(3) Before January 1, 1999, a partnership voluntarily may elect, in the manner provided in its partnership agreement or by law for amending the partnership agreement, to be governed by this chapter. The provisions of this chapter relating to the liability of the partnership’s partners to third parties apply to limit those partners’ liability to a third party who had done business with the partnership within one year preceding the partnership’s election to be governed by this chapter, only if the third party knows or has received a notification of the partnership’s election to be governed by this chapter.
NOTES:
*Reviser’s note: RCW 25.04.410 was repealed by 1998 c 103 § 1308, effective January 1, 1999.