A contributor to the capital of a business conducted by a person or partnership erroneously believing that the contributor has become a limited partner in a limited partnership is not, by reason of the exercise of the rights of a limited partnership, a general partner with the person or in the partnership carrying on the business, or bound by the obligations of such person or partnership; provided, that, on ascertaining the mistake, the contributor promptly renounces interest in the profits of the business, or other compensation by way of income.
(7363) 1919 c 498 s 11; 1986 c 444
Structure Minnesota Statutes
Chapters 300 - 323A — Business, Social, And Charitable Organizations
Chapter 322 — 1919 Uniform Limited Partnership Act
Section 322.03 — Business Which May Be Carried On.
Section 322.04 — Character Of Limited Partner's Contribution.
Section 322.05 — Name Not To Contain Surname Of Limited Partner.
Section 322.06 — Liability For False Statements In Certificate.
Section 322.07 — Limited Partner Not Liable To Creditors.
Section 322.08 — Admission Of Additional Limited Partners.
Section 322.09 — Rights, Powers, And Liabilities Of A General Partner.
Section 322.10 — Rights Of A Limited Partner.
Section 322.11 — Status Of Person Erroneously Believing To Be A Limited Partner.
Section 322.12 — One Person Both General And Limited Partner.
Section 322.13 — Loans And Other Business Transactions With Limited Partner.
Section 322.14 — Relation Of Limited Partners Inter Se.
Section 322.15 — Compensation Of Limited Partner.
Section 322.16 — Withdrawal Or Reduction Of Limited Partner's Contribution.
Section 322.17 — Liability Of Limited Partner To Partnership.
Section 322.18 — Nature Of Limited Partner's Interest.
Section 322.19 — Assignment Of Limited Partner's Interest.
Section 322.20 — Effect Of Retirement, Death, Or Insanity Of A General Partner.
Section 322.21 — Death Of Limited Partner.
Section 322.22 — Rights Of Creditors Of Limited Partner.
Section 322.23 — Distribution Of Assets.
Section 322.24 — When Certificate Shall Be Canceled Or Amended.
Section 322.25 — Requirements For Amendment And For Cancellation Of Certificate.
Section 322.26 — Parties To Actions.
Section 322.28 — Rules Of Construction.
Section 322.29 — Rules For Cases Not Provided For.
Section 322.30 — Provisions For Existing Limited Partnerships.