50-73.147 - Applicability. - Virginia Statutes

§ 50-73.147. Applicability.

A. Before January 1, 2000, this chapter governs only a partnership formed:

1. On and after July 1, 1997, unless that partnership is continuing thebusiness of a dissolved partnership under § 50-41 of the Uniform PartnershipAct as it existed on July 1, 1997; and

2. Before July 1, 1997, that elects, as provided by subsection C, to begoverned by this chapter.

B. Effective January 1, 2000, this chapter governs all partnerships.

C. Before January 1, 2000, a partnership voluntarily may elect, in the mannerprovided in its partnership agreement or by law for amending the partnershipagreement, to be governed by this chapter. The provisions of this chapterrelating to the liability of the partnership's partners to third partiesapply to limit those partners' liability to a third party who had donebusiness with the partnership within one year preceding the partnership'selection to be governed by this chapter, only if the third party knows or hasreceived a notification of the partnership's election to be governed by thischapter.

(1996, c. 292.)