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4-47-1208. Effect of designation.
Arkansas Code — all titles (historical 2020) · legal_authorities
4-47-1208. Effect of designation.
Except as otherwise provided in this chapter, a limited partnership remains the same entity for purposes of holding title to or conveying an interest in real or personal property and for all other purposes:
(1) During the winding up of the limited partnership following its dissolution;
(2) Whether the certificate of limited partnership is amended to add or delete a statement that the limited partnership is a limited liability limited partnership pursuant to § 4-47-406(b)(2); and
(3) Regardless of whether the words “limited partnership”, “limited liability limited partnership”, or the designation “LP”, “L.P.”, “LLLP”, or “L.L.L.P.” are used in an instrument conveying an interest in real or personal property to or from the limited partnership or in any other writing.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 4-47-1208
Stored review status: Historical 2020-11-06 source release; later amendments not reconciled; machine-extracted, not independently legally reviewed; source heading status: text_in_historical_source. A text match is a research starting point; applicability is not established.
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Stable record: arkansas_code:legal_authorities:4-47-1208
Source file: gov.ar.code.title.04.odt
Pages: Not recorded – Not recorded
Passage SHA-256: 031765faedeb83039a753b55d5a98344489bb958644ee7328206a54268348384
Source location: content.xml paragraph 28573
Stored source content
4-47-1208. Effect of designation.
Except as otherwise provided in this chapter, a limited partnership remains the same entity for purposes of holding title to or conveying an interest in real or personal property and for all other purposes:
(1) During the winding up of the limited partnership following its dissolution;
(2) Whether the certificate of limited partnership is amended to add or delete a statement that the limited partnership is a limited liability limited partnership pursuant to § 4-47-406(b)(2); and
(3) Regardless of whether the words “limited partnership”, “limited liability limited partnership”, or the designation “LP”, “L.P.”, “LLLP”, or “L.L.L.P.” are used in an instrument conveying an interest in real or personal property to or from the limited partnership or in any other writing.
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Arkansas Code — all titles (historical 2020) · legal_authorities
4-47-406. Management rights of general partner.
(a) Each general partner has equal rights in the management and conduct of the limited partnership's activities. Except as expressly provided in this chapter, any matter relating to the activities of the limited partnership may be exclusively decided by the general partner or, if there is more than one general partner, by a majority of the general partners.
(b) The consent of each partner is necessary to:
(1) amend the partnership agreement;
(2) amend the certificate of limited partnership to add or, subject to § 4-47-1110, delete a statement that the limited partnership is a limited liability limited partnership; and
(3) sell, lease, exchange, or otherwise dispose of all, or substantially all, of the limited partnership's property, with or without the good will, other than in the usual and regular course of the limited partnership's activities.
(c) A limited partnership shall reimburse a general partner for payments made and indemnify a general partner for liabilities incurred by the general partner in the ordinary course of the activities of the partnership or for the preservation of its activities or property.
(d) A limited partnership shall reimburse a general partner for an advance to the limited partnership beyond the amount of capital the general partner agreed to contribute.
(e) A payment or advance made by a general partner which gives rise to an obligation of the limited partnership under subsection (c) or (d) constitutes a loan to the limited partnership which accrues interest from the date of the payment or advance.
(f) A general partner is not entitled to remuneration for services performed for the partnership.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 4-47-406
Stored review status: Historical 2020-11-06 source release; later amendments not reconciled; machine-extracted, not independently legally reviewed; source heading status: text_in_historical_source. The source passage cites 4-47-406. This identifies an authority to review, not proof of applicability.