178.0408 Rights to information of partners and persons dissociated as partner.
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/wi/chapter-178/178-0408A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
178.0408 Rights to information of partners and persons dissociated as partner.
(1)A partnership shall keep its books and records, if any, at its principal office.
(2)On reasonable notice, a partner may inspect and copy during regular business hours, at a reasonable location specified by the partnership, any record maintained by the partnership regarding the partnership’s business, financial condition, and other circumstances, to the extent the information is material to the partner’s rights and duties under the partnership agreement or this chapter.
(3)The partnership shall furnish to each partner all of the following:
(a)Without demand, any information concerning the partnership’s business, financial condition, and other circumstances which the partnership knows and is material to the proper exercise of the partner’s rights and duties under the partnership agreement or this chapter, except to the extent the partnership can establish that it reasonably believes the partner already knows the information.
(b)On demand, any other information concerning the partnership’s business, financial condition, and other circumstances, except to the extent the demand or the information demanded is unreasonable or otherwise improper under the circumstances.
(4)The duty to furnish information under sub.
(3)also applies to each partner on whom a demand is made to the extent the partner knows any of the information described in sub.
(3).
(5)Subject to sub.
(10), on 10 days’ demand made in a record received by a partnership, a person dissociated as a partner may have access to information to which the person was entitled while a partner if all of the following apply:
(a)The information pertains to the period during which the person was a partner.