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Call Now: 904-383-7448A limited partnership is a partnership formed by two or more persons under Code Section 14-9A-20, having as members one or more general partners and one or more limited partners. The limited partners as such shall not be bound by the obligations of the partnership.
(Ga. L. 1952, p. 375, § 1; Code 1981, §14-9-2; Code 1981, §14-9A-2, as redesignated by Ga. L. 1988, p. 1016, § 1.)
- In light of the similarity of the statutory provisions, decisions under former Code 1933, § 75-205 are included in the annotations to this Code section.
- Although provision in former Code 1933, § 75-205 that an incoming partner was not bound for the old debts of the firm in the absence of an express agreement to assume the old indebtedness was applicable to general partners, it was equally applicable to limited partners. Leventhal v. Green, 246 Ga. 287, 271 S.E.2d 194 (1980) (decided under former Code 1933, § 75-205).
Cited in Farmers Hdwe. of Athens, Inc. v. L.A. Properties, Ltd., 136 Ga. App. 180, 220 S.E.2d 465 (1975); Westwood Place, Ltd. v. Green, 153 Ga. App. 595, 266 S.E.2d 242 (1980).
A limited partnership may establish and operate a health maintenance organization since a limited partnership is a partnership and a partnership is a person within the meaning of the health maintenance organization chapter. 1984 Op. Att'y Gen. No. 84-87.
- 59A Am. Jur. 2d, Partnership, § 767 et seq.
- Uniform Limited Partnership Act (U.L.A.) § 1.