8525 - Information. - Pennsylvania Statutes

§ 8525. Information. (a) General rule.--Each limited partner has the right, subject to such reasonable standards (including, without limitation, standards governing what information and documents are to be furnished, at what time and location and at whose expense) as may be set forth in the partnership agreement, to obtain from the general partners from time to time upon reasonable demand: (1) True and full information regarding the state of the business and financial condition of the limited partnership. (2) Promptly after becoming available, a copy of the Federal, State and local income tax returns for each year of the limited partnership. (3) Other information regarding the affairs of the limited partnership as is just and reasonable. (b) Confidentiality.--A general partner shall have the right to keep confidential from limited partners, for such period of time as the general partner deems reasonable, any information that the general partner reasonably believes to be in the nature of trade secrets or other information, the disclosure of which the general partner in good faith believes is not in the best interests of the limited partnership or could damage the limited partnership or its business or which the limited partnership is required by law or by agreement with a third party to keep confidential. (c) Cross references.--See sections 107 (relating to form of records) and 8507 (relating to records to be kept). Cross References. Section 8525 is referred to in section 8507 of this title.