§54-1-1206. Applicability.
271 words·~1 min read·
/ok/title-54-partnership/54-1-1206·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Applicability.
(a)Before November 1, 1998, the Oklahoma Revised Uniform Partnership Act governs only:
(1)a partnership or limited liability partnership formed on or after November 1, 1997, unless that partnership or limited liability partnership is continuing the business of a dissolved partnership or limited liability partnership; and
(2)a partnership or limited liability partnership formed before November 1, 1997, that elects, as provided by subsection
(c)of this section, to be governed by the Oklahoma Revised Uniform Partnership Act.
(b)On and after November 1, 1998, the Oklahoma Revised Uniform Partnership Act governs all partnerships and limited liability partnerships.
(c)Before November 1, 1998, a partnership or limited liability partnership voluntarily may elect, in the manner provided in its partnership agreement or by law for amending the partnership agreement, to be governed by the Oklahoma Revised Uniform Partnership Act. The provisions of the Oklahoma Revised Uniform Partnership Act relating to the liability of the partnership's partners to third parties apply to limit those partners' liability to a third party who had done business with the partnership or limited liability partnership within one
(1)year preceding the election to be governed by the Oklahoma Revised Uniform Partnership Act only if the third party knows or has received a notification of the election to be governed by the Oklahoma Revised Uniform Partnership Act.
(d)Before November 1, 1998, a partnership or limited liability partnership continues to be governed by the law in effect prior to November 1, 1997. Added by Laws 1997, c. 399, § 63, eff. Nov. 1, 1997. Amended by Laws 1998, c. 422, § 29, eff. Nov. 1, 1998.