(1) This article governs only a partnership formed:
After January 1, 1998, unless that partnership is continuing the business of a partnership that has dissolved under section 7-60-141; and
Before January 1, 1998, that elects, as provided by subsection (2) of this section, tobe governed by this article.
(2) 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 article. The provisions of this article 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 article, only if the third party has notice of the partnership's election to be governed by this article.
Source: L. 97: Entire article added, p. 915, § 1, effective January 1, 1998.