CopyCited 3 times | Published | Florida 5th District Court of Appeal | 2015 Fla. App. LEXIS 8924, 2015 WL 3631608
...Newburgh Steel Prods., Inc., 225 A.D.2d 1010 , 640 N.Y.S.2d 283, 285 (N.Y.1996). Statutory Authority Whether a limited partnership is bound by a general partner’s act depends on if the act is one that occurs in the ordinary course of the limited partnership’s activities. See § 620.1402, Fla....
...The limited partnership here was created for the purpose of developing, constructing, and leasing an apartment complex. While Royal American believed that the Property would eventually *1279 be sold, the limited partnership was not established for that purpose. Section
620.1402, Florida Statutes (2013), requires that, in order for a general partner to bind a limited partnership by an act outside the ordinary course of business, the general partner must obtain the approval of the other partners in accordance with section
620.1406, Florida Statutes....
...equired by law to obtain the consent of the Limited Partners owning a majority of the rights to receive distributions. That was not done here, at least not explicitly. There is no record evidence indicating that Royal American complied with sections
620.1402 and
620.1406, Florida Statutes, in obtaining the necessary consents before executing the Agreement....
CopyCited 2 times | Published | District Court, S.D. Florida | 2010 U.S. Dist. LEXIS 48541, 2010 WL 342256
...tion of fact becomes a question of law to be determined by the court. Rubin v. Gabay,
979 So.2d 988, 990 (Fla. 4th DCA 2008). The Court finds Plaintiff has provided some evidence that GP could be an agent of Sapphire. The Court notes that Fla. Stat. §
620.1402(1) states "[e]ach general partner is an agent of the limited partnership for the purposes of its activities." Thus the Court finds that whether GP is an agent of Sapphire is a question of fact that cannot be determined at this time....
CopyPublished | Florida 4th District Court of Appeal
...In 2005, Florida
adopted the Revised Uniform Limited Partnership Act. See §
620.1101,
Fla. Stat. (2018), et seq. The Act states that limited liability partnerships
are composed of members who are either general partners or limited
partners. See §§
620.1402,
620.1305, Fla. Stat. (2018). General partners
manage the operations and activities of a limited liability partnership. See
§§
620.1402,
620.1406, Fla. Stat. (2018). General partners can also bind
the partnership by any actions that they take on behalf and in furtherance
of the partnership. See §
620.1402....
...lities, and compensation did
not. Chaikin did not enjoy the benefits of general partnership status,
namely access to the firm’s financial information, the ability to withdraw
from capital accounts, or a right to vote on the firm’s affairs. See §§
620.1402,
620.1406(1), Fla....
