30-24-303. NO LIABILITY AS LIMITED PARTNER FOR LIMITED PARTNERSHIP OBLIGATIONS. (a) A debt, obligation, or other liability of a limited partnership is not the debt, obligation, or other liability of a limited partner. A limited partner is not personally liable, directly or indirectly, by way of contribution or otherwise, for a debt, obligation, or other liability of the limited partnership solely by reason of being or acting as a limited partner, even if the limited partner participates in the management and control of the limited partnership. This subsection applies regardless of the dissolution of the partnership.
(b) The failure of a limited partnership to observe formalities relating to the exercise of its powers or management of its activities and affairs is not a ground for imposing liability on a limited partner for a debt, obligation, or other liability of the partnership.
History:
[30-24-303, added 2015, ch. 243, sec. 35, p. 847.]
Structure Idaho Code
Chapter 24 - LIMITED PARTNERSHIPS
Section 30-24-301 - BECOMING LIMITED PARTNER.
Section 30-24-302 - NO AGENCY POWER OF LIMITED PARTNER AS LIMITED PARTNER.
Section 30-24-303 - NO LIABILITY AS LIMITED PARTNER FOR LIMITED PARTNERSHIP OBLIGATIONS.
Section 30-24-305 - LIMITED DUTIES OF LIMITED PARTNERS.
Section 30-24-306 - LIABILITY FOR INACCURATE INFORMATION IN FILED RECORD.