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Code · Illinois · Chapter 805 — BUSINESS ORGANIZATIONS · Act 215

Sec. 303. No liability as limited partner for limited partnership obligation.

78 words·~1 min read·/il/chapter-805/act-215/303

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Sec. 303. No liability as limited partner for limited partnership obligation. An obligation of a limited partnership, whether arising in contract, tort, or otherwise, is not the obligation of a limited partner. A limited partner is not personally liable, directly or indirectly, by way of contribution or otherwise, for an obligation of the limited partnership solely by reason of being a limited partner, even if the limited partner participates in the management and control of the limited partnership.
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