179.0407 Rights to information of general partner and person dissociated as general partner.

606 words·~3 min read·/wi/chapter-179/179-0407

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

(1)A general partner may inspect and copy required information during regular business hours in the limited partnership’s principal office, without having any particular purpose for seeking the information.

(2)On reasonable notice, a general partner may inspect and copy during regular business hours, at a reasonable location specified by the limited partnership, any record maintained by the partnership regarding the partnership’s activities, affairs, financial condition, and other circumstances, to the extent the information is material to the general partner’s rights and duties under the partnership agreement or this chapter.

(3)A limited partnership shall furnish to each general partner all of the following:

(a)Without demand, any information concerning the partnership’s activities, affairs, financial condition, and other circumstances which the partnership knows and is material to the proper exercise of the general 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 general partner already knows the information.

(b)On demand, any other information concerning the partnership’s activities, affairs, 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 general partner on whom a demand is made to the extent the general partner knows any of the information described in sub.

(2).

(5)On 10 days’ demand made in a record received by a limited partnership, a person dissociated as a general partner may have access to the information and records described in subs.

(1)and

(2)at the locations specified in those subsections if all of the following apply:

(a)The information or record pertains to the period during which the person was a general partner.

(b)The person seeks the information or record in good faith.

(c)The person satisfies the requirements imposed on a limited partner by s. 179.0304

(2).

(6)A limited partnership shall respond to a demand made pursuant to sub.

(5)in the manner provided in s. 179.0304

(3).

(7)A limited partnership may charge a person that makes a demand under this section the reasonable costs of copying, limited to the costs of labor and material.

(8)A general partner or person dissociated as a general partner may exercise the rights under this section through an agent or, in the case of an individual under legal disability, a legal representative. Any restriction or condition imposed by the partnership agreement or under sub.

(10)applies both to the agent or legal representative and to the general partner or person dissociated as a general partner.

(a)Subject to pars.

(b)and

(c), the rights under this section do not extend to a person as transferee.

(b)If a general partner dies, s. 179.0704 applies.

(c)If an individual dissociates as a general partner under s. 179.0603

(b)or

(c), the legal representative of the individual may exercise the rights under sub.

(5)of a person dissociated as a general partner.

(10)In addition to any restriction or condition stated in its partnership agreement, a limited partnership, as a matter within the ordinary course of its activities and affairs, may impose reasonable restrictions and conditions on access to and use of information to be furnished under this section, including designating information confidential and imposing nondisclosure and safeguarding obligations on the recipient. In a dispute concerning the reasonableness of a restriction under this subsection, the partnership has the burden of proving reasonableness.