Who May Form Limited Partnership; Purposes; Liability of General and Special Partners

  1. Law
  2. Georgia Code
  3. Corporations, Partnerships, and Associations
  4. Limited Partnerships
  5. Limited Partnerships Formed Prior to February 15, 1952
  6. Who May Form Limited Partnership; Purposes; Liability of General and Special Partners

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  1. A limited partnership may be formed by two or more persons upon the terms, with the rights and powers, and subject to the conditions and liabilities prescribed in this article for the purpose of transacting any mercantile, commercial, mechanical, manufacturing, mining, or agricultural business within this state; but this article shall not be construed to authorize the formation of any such partnership for the purposes of banking or insurance.
  2. Of the two or more persons forming a limited partnership, one or more shall be general partners who shall be jointly and severally liable for the debts of the partnership; and one or more persons shall be special partners who shall contribute a specific sum in actual cash as capital to the common stock and who shall not be liable for debts of the partnership beyond the fund so contributed by him or them to the capital, except as provided in this article.

(Laws 1837, Cobb's 1851 Digest, p. 585; Code 1863, §§ 1922, 1923; Code 1868, §§ 1910, 1911; Code 1873, §§ 1920, 1921; Code 1882, §§ 1920, 1921; Civil Code 1895, §§ 2662, 2663; Civil Code 1910, §§ 3191, 3192; Code 1933, §§ 75-401, 75-402; Code 1981, §14-9-111; Code 1981, §14-9A-111, as redesignated by Ga. L. 1988, p. 1016, § 1.)

RESEARCH REFERENCES

ALR.

- Liability of incoming partner for existing debts, 45 A.L.R. 1240.


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