Virginia Code

Va. Code Ann. § 50-73.147 (2026)

Applicability

✓ current as of May 2026

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A. Before January 1, 2000, this chapter governs only a partnership formed:

1. On and after July 1, 1997, unless that partnership is continuing the business of a dissolved partnership under § 50-41 of the Uniform Partnership Act as it existed on July 1, 1997; and

2. Before July 1, 1997, that elects, as provided by subsection C, to be governed by this chapter.

B. Effective January 1, 2000, this chapter governs all partnerships.

C. Before January 1, 2000, a partnership voluntarily may elect, in the manner provided in its partnership agreement or by law for amending the partnership agreement, to be governed by this chapter. The provisions of this chapter relating to the liability of the partnership's partners to third parties apply to limit those partners' liability to a third party who had done business with the partnership within one year preceding the partnership's election to be governed by this chapter, only if the third party knows or has received a notification of the partnership's election to be governed by this chapter.

1996, c. 292.

Notes of Decisions

Cited in 2 cases, 2000–2000 · leading case: In Re: Norman W. Shearin, Jr. Ann Shearin, Debtors. Stephen L. Beaman, Tr. v. Norman W. Shearin, Jr. Ann Shearin, 224 F.3d 346 (4th Cir. 2000).

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In Re: Norman W. Shearin, Jr. Ann Shearin, Debtors. Stephen L. Beaman, Tr. v. Norman W. Shearin, Jr. Ann Shearin, 224 F.3d 346 (4th Cir. 2000). “See Va.Code Ann. § 50-73.147 (Michie 1950). We apply the Uniform Partnership Act as adopted in the Code of Virginia, § 50-1 through § 50-43.”

Beaman v. Shearin (4th Cir. 2000). “See Va. Code Ann. § 50-73.147 (Michie 1950). We apply the Uniform Partnership Act as adopted in the Code of Virginia, § 50-1 through § 50-43.”

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