488.404 - GENERAL PARTNER'S LIABILITY. - Iowa Statutes

488.404 GENERAL PARTNER'S LIABILITY. 1. Except as otherwise provided in subsections 2 and 3, all general partners are liable jointly and severally for all obligations of the limited partnership unless otherwise agreed by the claimant or provided by law. 2. A person that becomes a general partner of an existing limited partnership is not personally liable for an obligation of a limited partnership incurred before the person became a general partner. 3. An obligation of a limited partnership incurred while the limited partnership is a limited liability limited partnership, whether arising in contract, tort, or otherwise, is solely the obligation of the limited partnership. A general partner is not personally liable, directly or indirectly, by way of contribution or otherwise, for such an obligation solely by reason of being or acting as a general partner. This subsection applies despite anything inconsistent in the partnership agreement that existed immediately before the consent required to become a limited liability limited partnership under section 488.406, subsection 2, paragraph "b".          Section History: Recent Form 2004 Acts, ch 1021, §38, 118 Referred to in § 488.102, 488.405, 488.607, 488.806, 488.807, 488.808, 488.1111