Limited Partnerships

Question 1

Limited Partner Withdrawal

Answer 1

A limited partner may withdraw upon express notice of her intent to withdraw as a limited partner, or upon any date she specifies. Written approval, advance notice, and a majority vote are not required.

Question 2

F.R.U.L.P.A.

Answer 2

F.R.U.L.P.A. provides that cash, property, and services rendered are all valid forms of consideration. Promises to pay cash, to provide property, or to perform future services are also considered valid contributions.

Question 3

Failure to File Initial Certificate

Answer 3

If a limited partnership has failed to file an initial certificate, it may still be able to bring a suit arising from its business dealings as a limited partnership.

One who has recognized the organization in business dealings may not be allowed to deny its existence in matters before the court and may be estopped from doing so.