What happens if the term of a limited partnership has expired but continues to operate?

Full question:

what happens if the term of a limited partnership has expired and the partnership continues to operate

  • Category: Partnerships
  • Subcategory: Limited
  • Date:
  • State: Colorado

Answer:

The filing of the Limited Partnership could be refilled and the agreement amended. If the expiration is material and certain things were to happen when it expired or before then those provisions need to be reviewed.

This content is for informational purposes only and is not legal advice. Legal statutes mentioned reflect the law at the time the content was written and may no longer be current. Always verify the latest version of the law before relying on it.

FAQs

Yes, a limited partnership can be structured to be perpetual. This means it can continue indefinitely unless it is dissolved according to the partnership agreement or state law. It's essential to specify the duration in the partnership agreement if the intention is for it to be perpetual.