Dissolution - Effect of Changes in Firm Name, Capital, or Death of Partner

  1. Law
  2. Georgia Code
  3. Corporations, Partnerships, and Associations
  4. Limited Partnerships
  5. Limited Partnerships Formed Prior to February 15, 1952
  6. Dissolution - Effect of Changes in Firm Name, Capital, or Death of Partner

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  1. Except as provided in this Code section, every change made in the firm name of the general partners, in the nature of the business, or in the capital or shares thereof contributed, held, or owned or to be contributed, held, or owned by any of the special partners, or the death of any partner, whether general or special, shall dissolve the limited partnership, or if such partnership is continued, shall constitute such partnership a general partnership in respect to all business transacted after such alterations or death, unless the articles of partnership shall provide that in the event of the death of a partner the partnership may be continued by the survivors. If the articles so provide, the partnership shall be so continued with the consent of the personal representative of the deceased partner, and the personal representative may succeed to the partnership rights of such deceased partner and continue the business as if such partner had remained alive.
  2. Any special partner may from time to time increase the amount of capital stock contributed, held, or owned by him; or one or more special partners may be added to the partnership on actually paying in an additional amount of capital, to be agreed on by the general and special partners, and on filing in the office of the clerk with whom the original certificate was filed an additional certificate of the general partners, in the partnership name, verified by the oath of one of them, stating the increase of capital stock and by whom, the names and residences of such additional special partners and whether of legal age, and the amounts contributed by each to the common stock, together with the affidavit of one or more of the general partners stating that the amounts specified in such additional certificates have been actually and in good faith paid in cash. Such alteration shall not make the partnership general. No additional publication of the terms of the partnership nor of the alteration thereof is required in any of such cases.
  3. Any special partner or the legal representative of any such deceased special partner may sell his interest in the partnership or any portion thereof without working a dissolution thereof or rendering the partnership general, if a notice of such sale is filed within ten days thereafter in the office of the clerk with whom the original certificate of partnership was filed; and the purchaser thereof shall thereupon become a special partner with the same rights as an original special partner.

(Orig. Code 1863, § 1933; Code 1868, § 1921; Code 1873, § 1931; Code 1882, § 1931; Civil Code 1895, § 2673; Civil Code 1910, § 3202; Ga. L. 1919, p. 96, § 1; Code 1933, § 75-413; Code 1981, §14-9-121; Code 1981, §14-9A-121, as redesignated by Ga. L. 1988, p. 1016, § 1.)


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