(a) A limited partnership shall be liable for loss or injury caused to a person, or for a penalty incurred, as a result of a wrongful act or omission, or other actionable conduct, of a general partner acting in the ordinary course of activities or affairs of the limited partnership or with authority of the limited partnership.
(b) If, in the course of the limited partnership’s activities or affairs or while acting with authority of the limited partnership, a general partner receives or causes the limited partnership to receive money or property of a person not a partner, and the money or property is misapplied by a general partner, the limited partnership shall be liable for the loss.
(July 2, 2011, D.C. Law 18-378, § 2, 58 DCR 1720; Mar. 5, 2013, D.C. Law 19-210, § 2(g)(4)(C), 59 DCR 13171.)
The 2013 amendment by D.C. Law 19-210 substituted “activities or affairs” for “activities” in (a) and (b).
Uniform Law: This section is based on § 403 of the Uniform Limited Partnership Act (2001 Act).
Application of Law 19-210: Section 7 of D.C. Law 19-210 provided that the act shall apply as of January 1, 2012.
Structure District of Columbia Code
Title 29 - Business Organizations. [Enacted title]
Chapter 7 - Limited Partnerships
Subchapter IV - General Partners
§ 29–704.01. Becoming general partner
§ 29–704.02. General partner agent of limited partnership
§ 29–704.03. Limited partnership liable for general partner’s actionable conduct
§ 29–704.04. General partner’s liability
§ 29–704.05. Actions by and against partnership and partners
§ 29–704.06. Management rights of general partner
§ 29–704.07. Right of general partner and former general partner to information
§ 29–704.08. General standards of general partner’s conduct
§ 29–704.09. Reimbursement, indemnification, advancement, and insurance