30-24-402. NO AGENCY POWER OF GENERAL PARTNER AS LIMITED PARTNER. (a) Each general partner is an agent of the limited partnership for the purposes of its activities and affairs. An act of a general partner, including the signing of a record in the partnership’s name, for apparently carrying on in the ordinary course the partnership’s activities and affairs or activities and affairs of the kind carried on by the partnership binds the partnership, unless the general partner did not have authority to act for the partnership in the particular matter and the person with which the general partner was dealing knew or had notice that the general partner lacked authority.
(b) An act of a general partner that is not apparently for carrying on in the ordinary course the limited partnership’s activities and affairs or activities and affairs of the kind carried on by the partnership binds the partnership only if the act was actually authorized by all the other partners.
History:
[30-24-402, added 2015, ch. 243, sec. 36, p. 850.]
Structure Idaho Code
Chapter 24 - LIMITED PARTNERSHIPS
Section 30-24-401 - BECOMING GENERAL PARTNER.
Section 30-24-402 - NO AGENCY POWER OF GENERAL PARTNER AS LIMITED PARTNER.
Section 30-24-403 - LIMITED PARTNERSHIP LIABLE FOR GENERAL PARTNER’S ACTIONABLE CONDUCT.
Section 30-24-405 - ACTIONS BY AND AGAINST PARTNERSHIP AND PARTNERS.
Section 30-24-406 - MANAGEMENT RIGHTS OF GENERAL PARTNER.
Section 30-24-408 - REIMBURSEMENT — INDEMNIFICATION — ADVANCEMENT — INSURANCE.
Section 30-24-409 - STANDARDS OF CONDUCT FOR GENERAL PARTNERS.