Florida Statute 620.1305 | Lawyer Caselaw & Research

The 2024 Florida Statutes

Title XXXVI
BUSINESS ORGANIZATIONS

Chapter 620
PARTNERSHIP LAWS

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F.S. 620.1305

620.1305 Limited duties of limited partners.—

(1) A limited partner does not have any fiduciary duty to the limited partnership or to any other partner solely by reason of being a limited partner. To the extent a limited partner is vested with or delegated management powers or duties under the partnership agreement, the only fiduciary duties that such limited partner has to the limited partnership and the other partners with respect to the exercise of such powers or duties are those duties described in s. 620.1408, subject to the same standards and limitations that would apply to a general partner under that section with respect to the exercise of such powers or duties.

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

(3) A limited partner does not violate a duty or obligation under this act or under the partnership agreement merely because the limited partner’s conduct furthers the limited partner’s own interest.

History.—s. 17, ch. 2005-267.

F.S. 620.1305 on Google Scholar

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Amendments to 620.1305

Arrestable Offenses / Crimes under Fla. Stat. 620.1305

Level: Degree
Misdemeanor/Felony: First/Second/Third

Current data shows no reason an arrest or criminal charge should have occurred directly under Florida Statute 620.1305.

Annotations, Discussions, Cases:

Cases Citing Statute 620.1305

Total Results: 1

PARKER WAICHMAN LLP v. R.J. REYNOLDS TOBACCO COMPANY

Court: Fla. Dist. Ct. App. | Date Filed: 2019-10-02T00:53:00-07:00

Snippet: partners or limited partners. See §§ 620.1402, 620.1305, Fla. Stat. (2018). General partners manage the… obligation of good faith and fair dealing.” § 620.1305, Fla. Stat. (2018). A limited partner is not prohibited…furthers the limited partner’s own interest.” § 620.1305(3). Additionally, to withdraw from a limited partnership…limited partner and not a general partner. See § 620.1305. As a limited partner, Chaikin would have had