Find Laws Find Lawyers Free Legal Forms USA State Laws

ARKANSAS STATUTES AND CODES

§ 4-47-605 - Effect of dissociation as general partner.

4-47-605. Effect of dissociation as general partner.

(a) Upon a person's dissociation as a general partner:

(1) the person's right to participate as a general partner in the management and conduct of the partnership's activities terminates;

(2) the person's duty of loyalty as a general partner under 4-47-408(b)(3) terminates;

(3) the person's duty of loyalty as a general partner under 4-47-408(b)(1) and (2) and duty of care under 4-47-408(c) continue only with regard to matters arising and events occurring before the person's dissociation as a general partner;

(4) the person may sign and deliver to the Secretary of State for filing a statement of dissociation pertaining to the person and, at the request of the limited partnership, shall sign an amendment to the certificate of limited partnership which states that the person has dissociated; and

(5) subject to 4-47-704 and subchapter 11, any transferable interest owned by the person immediately before dissociation in the person's capacity as a general partner is owned by the person as a mere transferee.

(b) A person's dissociation as a general partner does not of itself discharge the person from any obligation to the limited partnership or the other partners which the person incurred while a general partner.

Arkansas Forms by Issue

Arkansas Appeals Forms
Arkansas Auto Accident Forms
Arkansas Child Support Agency Forms
Arkansas Court Forms
> Substance Abuse
Arkansas Divorce Forms
Arkansas Family Forms
Arkansas Tax Forms

Arkansas Law

Arkansas State Laws
    > Arkansas Child Support
    > Arkansas Gun Laws
    > Arkansas Statute
Arkansas State
    > Arkansas State Parks
Arkansas Tax
    > Arkansas State Tax
Arkansas Agencies
    > Arkansas Department of Corrections
    > Arkansas Department of Education
    > Arkansas Federal Credit Union
    > Arkansas Secretary of State
    > Arkansas State Police

Arkansas Court Map

Tips