53-3-1204 APPLICABILITY. - Idaho Statutes

TITLE 53

PARTNERSHIP

CHAPTER 3

UNIFORM PARTNERSHIP ACT

PART 12.

MISCELLANEOUS PROVISIONS

53-3-1204. Applicability. (a) Before July 1, 2001, this act governs only a partnership formed:

(1) After January 1, 2001, except a partnership that is continuing the business of a dissolved partnership under section 53-341, Idaho Code, of the superseded Uniform Partnership Law; and

(2) Before January 1, 2001, that elects, as provided by subsection (c) of this section, to be governed by this act.

(b) On and after July 1, 2001, this act governs all partnerships.

(c) Before July 1, 2001, a partnership voluntarily may elect, in the manner provided in its partnership agreement or by law for amending the partnership agreement, to be governed by this act. The provisions of this act relating to the liability of the partnership’s partners to third parties apply to limit those partners’ liability to a third party who had done business with the partnership within one (1) year before the partnership’s election to be governed by this act only if the third party knows or has received a notification of the partnership’s election to be governed by this act.