Terms Used In Wisconsin Statutes 179.0606

  • 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)    After a person is dissociated as a general partner and before the limited partnership is merged out of existence or converted under subch. XI, or dissolved, the partnership is bound by an act of the person with respect to a transaction with another party only if all of the following apply:
      (a)    The act would have bound the partnership under s. 179.0402 before dissociation.
      (b)    At the time the other party enters into the transaction, less than 2 years has passed since the dissociation.
      (c)    At the time the other party enters into the transaction, the other party does not know or have notice of the dissociation and reasonably believes that the person is a general partner.
   (2)   If a limited partnership is bound under sub. (1), the person dissociated as a general partner which caused the partnership to be bound is liable to all of the following:
      (a)    The partnership, for any damage caused to the partnership arising from the obligation incurred under sub. (1).
      (b)    If a general partner or another person dissociated as a general partner is liable for the obligation, the general partner or other person, for any damage caused to the general partner or other person arising from the liability.

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