48-7A-1206. Applicability.
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/sd/title-48/chapter-48-7/48-7a-1206A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
(a)Before July 1, 2001, this chapter governs only a partnership or limited liability partnership formed before July 1, 2001, that elects, as provided by subsection (c), to be governed by this chapter.
(b)On and after July 1, 2001, this chapter governs all partnerships and limited liability partnerships.
(c)Before July 1, 2001, a partnership voluntarily may elect, in the manner provided in its partnership or limited liability partnership agreement or by law for amending the partnership agreement, to be governed by this chapter. The provisions of this chapter relating to the liability of the partnership's partners or limited liability partnership's partners to third parties apply to limit those partners' liability to a third party who had done business with the partnership within one year before the partnership's election to be governed by this chapter, or under prior law, only if the third party knows or has received a notification of the partnership's election to be governed by this chapter.