Title 31: PARTNERSHIPS AND ASSOCIATIONS
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1 Title 31: PARTNERSHIPS AND ASSOCIATIONS Chapter 7: UNIFORM LIMITED PARTNERSHIP ACT Table of Contents Section 151. LIMITED PARTNERSHIP DEFINED... 3 Section 152. FORMATION... 3 Section 153. BUSINESS WHICH MAY BE CARRIED ON... 3 Section 154. CHARACTER OF LIMITED PARTNER'S CONTRIBUTION... 3 Section 155. A NAME NOT TO CONTAIN SURNAME OF LIMITED PARTNER; EXCEPTIONS... 3 Section 156. LIABILITY FOR FALSE STATEMENTS IN CERTIFICATE... 3 Section 157. LIMITED PARTNER NOT LIABLE TO CREDITORS... 3 Section 158. ADMISSION OF ADDITIONAL LIMITED PARTNERS... 4 Section 159. RIGHTS, POWERS AND LIABILITIES OF A GENERAL PARTNER... 4 Section 160. RIGHTS OF A LIMITED PARTNER... 4 Section 160-A. LIMITED PARTNERSHIP AS ENTITY... 4 Section 161. STATUS OF PERSON ERRONEOUSLY BELIEVING HIMSELF A LIMITED PARTNER... 4 Section 162. ONE PERSON BOTH GENERAL AND LIMITED PARTNER... 4 Section 163. LOANS AND OTHER BUSINESS TRANSACTIONS WITH LIMITED PARTNER... 4 Section 164. RELATION OF LIMITED PARTNERS INTER SE... 4 Section 165. COMPENSATION OF LIMITED PARTNER... 5 Section 166. WITHDRAWAL OR REDUCTION OF LIMITED PARTNER'S CONTRIBUTION... 5 Section 167. LIABILITY OF LIMITED PARTNER TO PARTNERSHIP... 5 Section 168. NATURE OF LIMITED PARTNER'S INTEREST IN PARTNERSHIP... 5 Section 169. ASSIGNMENT OF LIMITED PARTNER'S INTEREST... 5 Section 170. EFFECT OF RETIREMENT, DEATH OR INSANITY OF A GENERAL PARTNER... 5 Section 171. DEATH OF LIMITED PARTNER... 5 Section 172. RIGHTS OF CREDITORS OF LIMITED PARTNER... 5 Section 173. DISTRIBUTION OF ASSETS... 6 Section 174. WHEN CERTIFICATE SHALL BE CANCELLED OR AMENDED... 6 i
2 Text current through October 1, 2016, see disclaimer at end of document. Section 175. REQUIREMENTS FOR AMENDMENT AND FOR CANCELLATION OF CERTIFICATE... 6 Section 176. PARTIES TO ACTIONS... 6 Section 177. NAME OF CHAPTER... 6 Section 178. RULES OF CONSTRUCTION... 6 Section 179. RULES FOR CASES NOT PROVIDED FOR IN THIS CHAPTER... 6 Section 180. PROVISIONS FOR EXISTING LIMITED PARTNERSHIPS... 6 Section 181. LIMITED PARTNERSHIPS OF OTHER STATES... 7 Section 182. EXPEDITED SERVICE... 7 Section 183. ACCESS TO SECRETARY OF STATE'S DATABASE... 7 Section 184. PUBLICATIONS... 7 ii
3 Maine Revised Statutes Title 31: PARTNERSHIPS AND ASSOCIATIONS Chapter 7: UNIFORM LIMITED PARTNERSHIP ACT 151. LIMITED PARTNERSHIP DEFINED 152. FORMATION 1969, c. 324, 1 (NEW). 1977, c. 319, 1 (AMD). 1983, c. 50, 5 (AMD). 1989, c. 501, L48 (AMD). 1991, c. 552, 4 (AFF). 1991, c. 552, 1 (RP) BUSINESS WHICH MAY BE CARRIED ON 154. CHARACTER OF LIMITED PARTNER'S CONTRIBUTION 155. A NAME NOT TO CONTAIN SURNAME OF LIMITED PARTNER; EXCEPTIONS 156. LIABILITY FOR FALSE STATEMENTS IN CERTIFICATE 157. LIMITED PARTNER NOT LIABLE TO CREDITORS Limited partnership defined 3
4 158. ADMISSION OF ADDITIONAL LIMITED PARTNERS 159. RIGHTS, POWERS AND LIABILITIES OF A GENERAL PARTNER 160. RIGHTS OF A LIMITED PARTNER 160-A. LIMITED PARTNERSHIP AS ENTITY 1987, c. 92, 1 (NEW). 1991, c. 552, 4 (AFF). 1991, c. 552, 1 (RP) STATUS OF PERSON ERRONEOUSLY BELIEVING HIMSELF A LIMITED PARTNER 162. ONE PERSON BOTH GENERAL AND LIMITED PARTNER 163. LOANS AND OTHER BUSINESS TRANSACTIONS WITH LIMITED PARTNER 164. RELATION OF LIMITED PARTNERS INTER SE Admission of additional limited partners
5 165. COMPENSATION OF LIMITED PARTNER 166. WITHDRAWAL OR REDUCTION OF LIMITED PARTNER'S CONTRIBUTION 167. LIABILITY OF LIMITED PARTNER TO PARTNERSHIP 168. NATURE OF LIMITED PARTNER'S INTEREST IN PARTNERSHIP 169. ASSIGNMENT OF LIMITED PARTNER'S INTEREST 170. EFFECT OF RETIREMENT, DEATH OR INSANITY OF A GENERAL PARTNER 171. DEATH OF LIMITED PARTNER 172. RIGHTS OF CREDITORS OF LIMITED PARTNER Withdrawal or reduction of limited partner's contribution 5
6 173. DISTRIBUTION OF ASSETS 174. WHEN CERTIFICATE SHALL BE CANCELLED OR AMENDED 175. REQUIREMENTS FOR AMENDMENT AND FOR CANCELLATION OF CERTIFICATE 1969, c. 324, 1 (NEW). 1977, c. 319, 2 (AMD). 1989, c. 501, L49 (AMD). 1991, c. 552, 4 (AFF). 1991, c. 552, 1 (RP) PARTIES TO ACTIONS 177. NAME OF CHAPTER 178. RULES OF CONSTRUCTION 179. RULES FOR CASES NOT PROVIDED FOR IN THIS CHAPTER 180. PROVISIONS FOR EXISTING LIMITED PARTNERSHIPS 1969, c. 324, 1 (NEW). 1973, c. 788, 152 (AMD). 1977, c. 78, 176 (AMD). 1991, c. 552, 4 (AFF). 1991, c. 552, 1 (RP) When certificate shall be cancelled or amended
7 181. LIMITED PARTNERSHIPS OF OTHER STATES 1973, c. 365, (NEW). 1989, c. 501, L50 (AMD). 1991, c. 552, 4 (AFF). 1991, c. 552, 1 (RP) EXPEDITED SERVICE 1991, c. 465, 35 (NEW). 1991, c. 552, 4 (AFF). 1991, c. 552, 1 (RP) ACCESS TO SECRETARY OF STATE'S DATABASE 1991, c. 465, 35 (NEW). 1991, c. 552, 4 (AFF). 1991, c. 552, 1 (RP) PUBLICATIONS 1991, c. 465, 35 (NEW). 1991, c. 552, 4 (AFF). 1991, c. 552, 1 (RP). The State of Maine claims a copyright in its codified statutes. If you intend to republish this material, we require that you include the following disclaimer in your publication: All copyrights and other rights to statutory text are reserved by the State of Maine. The text included in this publication reflects changes made through the Second Regular Session of the 127th Maine Legislature and is current through October 1, The text is subject to change without notice. It is a version that has not been officially certified by the Secretary of State. Refer to the Maine Revised Statutes Annotated and supplements for certified text. The Office of the Revisor of Statutes also requests that you send us one copy of any statutory publication you may produce. Our goal is not to restrict publishing activity, but to keep track of who is publishing what, to identify any needless duplication and to preserve the State's copyright rights. PLEASE NOTE: The Revisor's Office cannot perform research for or provide legal advice or interpretation of Maine law to the public. If you need legal assistance, please contact a qualified attorney Limited partnerships of other states 7
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