(Ga. L. 1952, p. 375, § 3; Ga. L. 1970, p. 195, § 1; Code 1981, §14-9-21; Code 1981, §14-9A-21, as redesignated by Ga. L. 1988, p. 1016, § 1.)
Cross references.- Status of banking, insurance, or railroad corporations as Secretary of State Corporations, § 14-4-1 et seq.
JUDICIAL DECISIONS
Legal title to real property in partners as tenants in common.
- Legal title to real property can never vest in a partnership as such; legal title is in the partners as tenants in common. Ga. L. 1952, p. 375, § 3 (see now O.C.G.A. § 14-9A-21) permitting limited partnerships to take and hold property in the partnership name does not have the effect of changing the ownership from the partners to the partnership. Hammond v. Chastain, 230 Ga. 747, 199 S.E.2d 237 (1973).
Limited partner holds tangible personal property interest.
- A limited partnership is a legal entity and authorized to hold title to real property in its own name. As such a legal entity, the limited partnership is entirely separate and apart from its partners; and the property interest held by a limited partner is tangible personal property. A limited partner owns an interest in the legal entity but holds no title to the assets of the partnership. Any benefit to the limited partners stemming from the assets of the limited partnership is indirect. Maxco, Inc. v. Volpe, 247 Ga. 212, 274 S.E.2d 561 (1981).
Cited in York Assocs. v. Frenchmen's Creek Investors, Ltd., 720 F. Supp. 991 (N.D. Ga. 1989).
OPINIONS OF THE ATTORNEY GENERAL
Signing bonds as bondsmen.
- Limited partnerships can engage in business of signing both criminal and civil bonds as professional bondsmen. 1957 Op. Att'y Gen. p. 197.
RESEARCH REFERENCES
C.J.S.
- 68 C.J.S., Partnership, §§ 559, 560, 576.
U.L.A.- Uniform Limited Partnership Act (U.L.A.) § 3.