Effective: July 1, 1994
Latest Legislation: Senate Bill 74 - 120th General Assembly
(A) A limited partnership shall not make a distribution to a partner to the extent that at the time of the distribution, after giving effect to the distribution, all liabilities of the limited partnership, other than liabilities to partners on account of their partnership interests and liabilities for which the recourse of creditors is limited to specified property of the limited partnership, exceed the fair value of the assets of the limited partnership. The fair value of the property that is subject to a liability for which the recourse of creditors is limited shall be included in the assets of the limited partnership only to the extent that the fair value of that property exceeds that liability.
(B) A limited partner who receives a distribution in violation of division (A) of this section and who knew at the time of the distribution that the distribution violated division (A) of this section shall be liable to the limited partnership for the amount of the distribution. A limited partner who receives a distribution in violation of division (A) of this section and who did not know at the time of the distribution that the distribution violated division (A) of this section shall not be liable under this section for the amount of the distribution.
(C) No action shall be brought upon any cause of action arising under division (B) of this section at any time after three years from the date of the distribution.
Structure Ohio Revised Code
Title 17 | Corporations-Partnerships
Chapter 1782 | Limited Partnerships
Section 1782.01 | Limited Partnership Definitions.
Section 1782.04 | Statutory Agent.
Section 1782.06 | Scope of Business.
Section 1782.07 | Partner's Transactions With Partnership.
Section 1782.08 | Certificate of Limited Partnership Required - Filing, Contents.
Section 1782.09 | Certificate of Amendment - Restatement of Certificate.
Section 1782.10 | Certificate of Cancellation - Amendment.
Section 1782.11 | Execution of Certificate.
Section 1782.12 | Petition for Execution of Certificate.
Section 1782.13 | Filing of Documents With Secretary of State.
Section 1782.14 | Liability for False Statement in Certificate.
Section 1782.15 | Filing Is Notice of Certain Fact.
Section 1782.16 | Copy of Certificates to Be Delivered or Mailed to Limited Partners.
Section 1782.17 | Person Becomes Limited Partner, When - Additional Limited Partners.
Section 1782.18 | Voting Rights.
Section 1782.19 | Rights, Powers, and Liabilities of Limited Partners.
Section 1782.20 | Erroneous Belief That One Is a Limited Partner.
Section 1782.21 | Right to Information.
Section 1782.22 | Additional General Partners.
Section 1782.23 | Person Ceases to Be a General Partner - When.
Section 1782.24 | General Partner - Rights and Powers.
Section 1782.241 | Care Owed by General Partner.
Section 1782.242 | Effect of Self-Dealing.
Section 1782.25 | Person May Be Both General and Limited Partner.
Section 1782.26 | Voting Rights of General Partners.
Section 1782.27 | Contributions of Partner.
Section 1782.29 | Allocation of Profits and Losses.
Section 1782.30 | Allocation of Distributions.
Section 1782.31 | Partner Entitled to Receive Distributions.
Section 1782.32 | Withdrawal of General Partner.
Section 1782.33 | Withdrawal of Limited Partner.
Section 1782.34 | Rights of Withdrawing Partner.
Section 1782.35 | Distributions.
Section 1782.37 | Restricting Distributions.
Section 1782.39 | Partnership Interest Is Personal Property.
Section 1782.40 | Partnership Interest - Assignable in Whole or in Part.
Section 1782.41 | Judgment Creditor of Partner.
Section 1782.42 | Assignee May Become Limited Partner.
Section 1782.43 | Rights of Legal Representative of Partner.
Section 1782.431 | Merger or Consolidation - Domestic Limited Partnership.
Section 1782.432 | Merger or Consolidation - Entity Other Than Domestic Limited Partnership.
Section 1782.433 | Certificate of Merger or Consolidation.
Section 1782.434 | Surviving or New Entity.
Section 1782.435 | Dissenting Partners.
Section 1782.436 | Written Demand for Payment of Fair Cash Value of Interests.
Section 1782.437 | Complaint Demanding Relief.
Section 1782.438 | Conversion of Another Entity Into Domestic Limited Partnership.
Section 1782.439 | Conversion of Domestic Limited Partnership Into Another Entity.
Section 1782.4310 | Filing of Certificate of Conversion - Effective Date.
Section 1782.4311 | Legal Effect of Conversion - Action to Set Aside.
Section 1782.44 | Dissolution and Winding-Up.
Section 1782.45 | Decree of Dissolution of Partnership.
Section 1782.46 | Partners or Court May Wind Up Affairs.
Section 1782.47 | Order of Distribution.
Section 1782.48 | Laws Governing Foreign Partnerships.
Section 1782.49 | Application for Registration of Foreign Limited Partnership.
Section 1782.50 | Acceptance of Application by Secretary of State.
Section 1782.53 | Cancellation of Registration.
Section 1782.54 | Failure to Register of Foreign Limited Partnership.
Section 1782.55 | Action to Restrain Transaction of Business.
Section 1782.56 | Derivative Action by Limited Partner.
Section 1782.57 | Plaintiff in Derivative Action.
Section 1782.59 | Court Orders in Successful Derivative Action.
Section 1782.60 | Application and Construction of Chapter.
Section 1782.61 | Pre-Existing Limited Partnerships.
Section 1782.62 | Pre-Existing Foreign Limited Partnerships.
Section 1782.63 | Refiling of Certificate for Limited Partnerships Existing Prior to 7-1-94.
Section 1782.64 | Conversion to Limited Liability Limited Partnership.
Section 1782.65 | Persons Performing Services to Partnership or Partners.