179.0305 Limited duties of limited partners.

301 words·~1 min read·/wi/chapter-179/179-0305-4

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

(1)A limited partner shall discharge any duties to the partnership and the other partners under the partnership agreement and exercise any rights under this chapter or the partnership agreement consistently with the contractual obligation of good faith and fair dealing.

(2)Except as otherwise provided in sub.

(1), a limited partner does not have any duty to the limited partnership or to any other partner solely by reason of acting as a limited partner.

(3)If a limited partner enters into a transaction with the limited partnership, the limited partner’s rights and obligations arising from the transaction are the same as those of a person that is not a partner.

(4m)Unless otherwise provided in the partnership agreement, any action that is to be voted on or consented to by some or all of the limited partners may be taken without a meeting of the limited partners entitled to vote or consent if all of such partners consent to the action. The consent shall be evidenced by one or more written consents describing the action, signed by each of such partners, and delivered to the partnership for inclusion in the partnership records. Unless otherwise provided in the partnership agreement, if a person, whether or not then a limited partner, so consenting directs, whether through instruction to an agent or otherwise, that such consent will be effective at a future time, including a time determined upon the happening of an event, then the person shall be deemed to have consented as a partner at this future time so long as the person is then a limited partner and did not revoke the consent prior to that time. Any such consent shall be revocable prior to its becoming effective, unless the written consent provides otherwise.