Wisconsin Statutes 179.0602 – Effect of dissociation as limited partner
Current as of: 2023 | Check for updates
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Terms Used In Wisconsin Statutes 179.0602
- Following: when used by way of reference to any statute section, means the section next following that in which the reference is made. See Wisconsin Statutes 990.01
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
- 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.
- Person: includes all partnerships, associations and bodies politic or corporate. See Wisconsin Statutes 990.01
(1) If a person is dissociated as a limited partner, all of the following apply:
(a) Subject to s. 179.0704, the person does not have further rights as a limited partner.
(b) The person’s contractual obligation of good faith and fair dealing as a limited partner under s. 179.0305 (1) ends with regard to matters arising and events occurring after the person’s dissociation.
(c) Subject to s. 179.0704 and subch. XI, any transferable interest owned by the person in the person’s capacity as a limited partner immediately before dissociation is owned by the person solely as a transferee.
(2) A person’s dissociation as a limited partner does not of itself discharge the person from any debt, obligation, or other liability to the limited partnership or the other partners which the person incurred while a limited partner.