1. Upon a person’s withdrawal as a general partner:
(a) The person’s right to participate as a general partner in the management and conduct of the partnership’s activities terminates;
(b) The person’s duty of loyalty as a general partner under paragraph (c) of subsection 2 of NRS 87A.385 terminates;
(c) The person’s duty of loyalty as a general partner under paragraphs (a) and (b) of subsection 2 of NRS 87A.385 and duty of care under subsection 3 of NRS 87A.385 continue only with regard to matters arising and events occurring before the person’s withdrawal as a general partner;
(d) The person may sign and deliver to the Secretary of State for filing a certificate of withdrawal pertaining to the person and, at the request of the limited partnership, shall sign an amendment to the certificate of limited partnership which states that the person has withdrawn; and
(e) Subject to NRS 87A.485 and the provisions of chapter 92A of NRS, any transferable interest owned by the person immediately before withdrawal in the person’s capacity as a general partner is owned by the person as a mere transferee.
2. A person’s withdrawal as a general partner does not of itself discharge the person from any obligation to the limited partnership or the other partners which the person incurred while a general partner.
(Added to NRS by 2007, 465)
Structure Nevada Revised Statutes
Chapter 87A - Uniform Limited Partnership Act (2001)
NRS 87A.015 - "Certificate of limited partnership" defined.
NRS 87A.020 - "Contribution" defined.
NRS 87A.025 - "Debtor in bankruptcy" defined.
NRS 87A.030 - "Designated office" defined.
NRS 87A.035 - "Distribution" defined.
NRS 87A.040 - "Foreign limited partnership" defined.
NRS 87A.045 - "Foreign registered limited-liability limited partnership" defined.
NRS 87A.050 - "General partner" defined.
NRS 87A.055 - "Limited partner" defined.
NRS 87A.060 - "Limited partnership" defined.
NRS 87A.065 - "Partner" defined.
NRS 87A.070 - "Partnership agreement" defined.
NRS 87A.075 - "Person" defined.
NRS 87A.080 - "Person withdrawn as a general partner" defined.
NRS 87A.085 - "Principal office" defined.
NRS 87A.095 - "Registered agent" defined.
NRS 87A.100 - "Registered limited-liability limited partnership" defined.
NRS 87A.105 - "Required information" defined.
NRS 87A.108 - "Restricted limited partnership" defined.
NRS 87A.120 - "State" defined.
NRS 87A.130 - "Transfer" defined.
NRS 87A.135 - "Transferable interest" defined.
NRS 87A.140 - "Transferee" defined.
NRS 87A.150 - Knowledge and notice.
NRS 87A.170 - Supplemental principles of law; rate of interest.
NRS 87A.180 - Name of partnership: Reservation; transfer of right to exclusive use of reserved name.
NRS 87A.185 - Name of partnership: Reinstatement or revival under old or new name; regulations.
NRS 87A.190 - Effect of partnership agreement; nonwaivable provisions.
NRS 87A.205 - Business transactions of partner with partnership.
NRS 87A.220 - Registered agent: Revocation of appointment; change of name.
NRS 87A.230 - Consent and proxies of partners.
NRS 87A.235 - Formation of limited partnership; certificate of limited partnership.
NRS 87A.240 - Amendment or restatement of certificate.
NRS 87A.245 - Statement of termination.
NRS 87A.250 - Signing of records.
NRS 87A.255 - Signing and filing pursuant to judicial order.
NRS 87A.260 - Form required for filing of records.
NRS 87A.270 - Filing of records written in language other than English.
NRS 87A.280 - Partnership records: Microfilming; imaging; return.
NRS 87A.285 - Liability for false information in filed record.
NRS 87A.290 - Annual list: Filing requirements; fees; notice; regulations.
NRS 87A.295 - Additional filing requirements for certain partnerships: Criteria; statement; fees.
NRS 87A.310 - Defaulting partnerships: Conditions and procedure for reinstatement.
NRS 87A.320 - Becoming limited partner.
NRS 87A.325 - No right or power as limited partner to bind limited partnership.
NRS 87A.330 - No liability as limited partner for limited partnership obligations.
NRS 87A.335 - Right of limited partner and former limited partner to information.
NRS 87A.340 - Limited duties of limited partners.
NRS 87A.345 - Person erroneously believing self to be limited partner.
NRS 87A.350 - Becoming general partner.
NRS 87A.355 - General partner agent of limited partnership.
NRS 87A.360 - Limited partnership liable for actionable conduct of general partner.
NRS 87A.365 - Liability of general partner.
NRS 87A.370 - Actions by and against partnership and partners.
NRS 87A.375 - Management rights of general partner.
NRS 87A.380 - Right of general partner and former general partner to information.
NRS 87A.385 - General standards of conduct of general partner.
NRS 87A.390 - Form of contribution.
NRS 87A.395 - Liability for contribution.
NRS 87A.400 - Sharing of distributions.
NRS 87A.405 - Interim distributions.
NRS 87A.410 - No distribution on account of withdrawal.
NRS 87A.415 - Distribution in kind.
NRS 87A.420 - Right to distribution.
NRS 87A.425 - Limitations on distribution.
NRS 87A.427 - Limitations on distributions applicable to restricted limited partnerships.
NRS 87A.430 - Liability for improper distributions.
NRS 87A.435 - Withdrawal as limited partner.
NRS 87A.440 - Effect of withdrawal as limited partner.
NRS 87A.445 - Withdrawal as general partner.
NRS 87A.450 - Power of person to withdraw as general partner; wrongful withdrawal.
NRS 87A.455 - Effect of withdrawal as general partner.
NRS 87A.465 - Liability to other persons of person withdrawn as general partner.
NRS 87A.470 - Transferable interest of partner.
NRS 87A.475 - Transfer of transferable interest of partner.
NRS 87A.480 - Rights and remedies of creditor of partner.
NRS 87A.485 - Power of estate of deceased partner.
NRS 87A.490 - Nonjudicial dissolution.
NRS 87A.495 - Judicial dissolution.
NRS 87A.515 - Known claims against dissolved limited partnership.
NRS 87A.520 - Other claims against dissolved limited partnership.
NRS 87A.530 - Disposition of assets; when contributions are required.
NRS 87A.545 - Issuance of certificate of registration by Secretary of State.
NRS 87A.550 - Registration of name.
NRS 87A.555 - Amendments to application for registration.
NRS 87A.565 - Additional filing requirements for certain partnerships: Criteria; statement; fees.
NRS 87A.570 - Certificate of authorization to transact business.
NRS 87A.575 - Addresses of general partners required; failure to file.
NRS 87A.590 - Defaulting partnerships: Duties of Secretary of State.
NRS 87A.595 - Defaulting partnerships: Conditions and procedure for reinstatement.
NRS 87A.600 - Defaulting partnerships: Reinstatement or revival under old or new name; regulations.
NRS 87A.602 - Cancellation of registration without additional fees and penalties; regulations.
NRS 87A.605 - Cancellation of registration.
NRS 87A.610 - Penalty for transacting business without registration; enforcement; regulations.
NRS 87A.615 - Activities not constituting transaction of business.
NRS 87A.620 - Determination of whether solicitation is made or accepted.
NRS 87A.625 - Action by Attorney General to restrain transaction of business.
NRS 87A.645 - Termination of registration.
NRS 87A.655 - Name of foreign partnership.
NRS 87A.660 - Direct action by partner.
NRS 87A.665 - Derivative action.
NRS 87A.670 - Proper plaintiff.
NRS 87A.680 - Proceeds and expenses.
NRS 87A.685 - Uniformity of application and construction.
NRS 87A.690 - Relation to Electronic Signatures in Global and National Commerce Act.
NRS 87A.695 - Provisions for existing partnerships.
NRS 87A.700 - Operation of domestic partnership in another jurisdiction.