50-73.101 - Partner's rights and duties with respect to information. - Virginia Statutes

§ 50-73.101. Partner's rights and duties with respect to information.

A. A partnership shall keep its books and records, if any, at its principaloffice.

B. A partnership shall provide partners and their agents and attorneys accessto its books and records. It shall provide former partners and their agentsand attorneys access to books and records pertaining to the period duringwhich they were partners. The right of access provides the opportunity toinspect and copy books and records during ordinary business hours. Apartnership may impose a reasonable charge, covering the costs of labor andmaterial, for copies of documents furnished.

C. Each partner and the partnership shall furnish to a partner, and to thelegal representative of a deceased partner or partner under legal disability:

1. Without demand, any information concerning the partnership's business andaffairs reasonably required for the proper exercise of the partner's rightsand duties under the partnership agreement or this chapter; and

2. On demand, any other information concerning the partnership's business andaffairs, except to the extent the demand or the information demanded isunreasonable or otherwise improper under the circumstances.

(1996, c. 292; 2007, c. 631.)