179.0304 Rights to information of limited partner and person dissociated as limited partner.
345 words·~2 min read·
/wi/chapter-179/179-0304A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
179.0304 Rights to information of limited partner and person dissociated as limited partner.
(1)On 10 days’ demand made in a record received by the limited partnership, a limited partner may inspect and copy required information during regular business hours in the limited partnership’s principal office. The limited partner need not have any particular purpose for seeking the information.
(2)During regular business hours and at a reasonable location specified by the limited partnership, a limited partner may inspect and copy information regarding the activities and affairs, financial condition, and other circumstances of the limited partnership as is just and reasonable if all of the following apply:
(a)The limited partner seeks the information for a purpose reasonably related to the partner’s interest as a limited partner.
(b)The limited partner makes a demand in a record received by the limited partnership, describing with reasonable particularity the information sought and the purpose for seeking the information.
(c)The information sought is directly connected to the limited partner’s purpose.
(3)Not later than 10 days after receiving a demand pursuant to sub.
(2), the limited partnership shall inform, in a record, the limited partner that made the demand of all of the following:
(a)What information the partnership will provide in response to the demand and when and where the partnership will provide the information.
(b)The partnership’s reasons for declining, if the partnership declines to provide any demanded information.
(4)Whenever this chapter or a partnership agreement provides for a limited partner to vote on or give or withhold consent to a matter, before the vote is cast or consent is given or withheld, the limited partnership shall, without demand, provide the limited partner with all information that is known to the partnership and that is material to the limited partner’s decision.
(5)On 10 days’ demand made in a record received by a limited partnership, a person dissociated as a limited partner may have access to information to which the person was entitled while a limited partner if all of the following apply: