Removal of a General Partner Flashcards
1
Q
RULPA Removal Requirements
A
Requires unanimous consent of all limited partners. If the general partner is replaced in 90 days, then there is no need for dissolution. Partnership agreements can change this rule.
2
Q
Derivative Suits
A
A limited partner may bring an action in the right of a limited partnership to recover a judgement in its favor if general partners with authority to do so have refused to bring the action or if an effort to cause those general partners to bring the action is not likely to succeed.
