(A)(1) A registered limited liability partnership shall carry at least $100,000 of liability insurance, beyond the amount of any applicable deductible, of a type that is designed to cover the kinds of negligence, wrongful acts, and misconduct for which liability is limited by Section 33-41-370(B) and which insures the partnership and its partners.
(2) A registered limited liability partnership which renders professional services, as defined in Section 33-19-103(7), shall carry such additional insurance of the type described in item (1) of this subsection as may be required by the appropriate licensing authority. Professional service licensing authorities may prescribe additional insurance only on the profession as a whole, and not only on individual service providers.
(B) If a registered limited liability partnership is in compliance with the requirements of subsection (A), the requirements of this section shall not be admissible or in any way made known to a jury in determining an issue of liability for or extent of the debt or obligation or damages in question.
(C) A registered limited liability partnership is considered to be in compliance with subsection (A) if the partnership provides $100,000, or such higher amount as required by the appropriate licensing authority pursuant to subsection (A)(2), of funds specifically designated and segregated for the satisfaction of judgments against the partnership or its partners based on the kinds of negligence, wrongful acts, and misconduct for which liability is limited by Section 33-41-370(B) by:
(1) deposit in trust or in bank escrow of cash, bank certificates of deposit, or United States Treasury obligations; or
(2) a bank letter of credit or insurance company bond.
(D) Nothing in this section shall be construed to:
(1) limit the amount of damages for which a:
(a) registered limited liability partnership is liable with respect to the kinds of negligence, wrongful acts, or misconduct for which liability is limited by Section 37-41-370(B); or
(b) partner of a registered limited liability partnership is liable under Section 33-41-370; or
(2) constitute a determination of the adequacy of capitalization of a registered limited liability partnership for any purpose.
HISTORY: 1994 Act No. 448, Section 10.
Structure South Carolina Code of Laws
Title 33 - Corporations, Partnerships and Associations
Chapter 41 - Uniform Partnership Act
Section 33-41-10. Short title.
Section 33-41-20. Definitions.
Section 33-41-30. What constitutes "knowledge" or "notice" of a fact.
Section 33-41-40. Rules of construction; applicable rules of law; existing rights are not affected.
Section 33-41-50. Rules for cases not provided for.
Section 33-41-210. "Partnership" defined; application to limited partnerships.
Section 33-41-220. Determining existence of partnership.
Section 33-41-230. Partnership property; acquisition and conveyance.
Section 33-41-310. Partner's acts and agency; limitation of authority.
Section 33-41-320. Conveyances of real property of partnership.
Section 33-41-330. Admission or representation by partner as evidence.
Section 33-41-340. Notice to or knowledge of partner.
Section 33-41-350. Liability for wrongful act or omission of partner.
Section 33-41-360. Partnership is bound by partner's breach of trust.
Section 33-41-370. Nature of partners' liability.
Section 33-41-380. Liability as partner by estoppel.
Section 33-41-390. Liability of incoming partner.
Section 33-41-510. Rules determining rights and duties of partners as to partnership.
Section 33-41-520. Partnership books.
Section 33-41-530. Duty of partners to give information.
Section 33-41-540. Partner is accountable as a fiduciary.
Section 33-41-550. Right to formal accounting.
Section 33-41-560. Continuation of partnership beyond fixed term or particular undertaking.
Section 33-41-710. Extent of property rights.
Section 33-41-720. Nature of right in specific partnership property.
Section 33-41-730. Nature of partner's interest in partnership.
Section 33-41-740. Effect of assignment of partner's interest in partnership.
Section 33-41-910. "Dissolution" defined.
Section 33-41-920. Partnership is not terminated by dissolution.
Section 33-41-930. Causes of dissolution.
Section 33-41-940. Dissolution by decree of court.
Section 33-41-950. Effect of dissolution on partner's authority to act.
Section 33-41-960. Liability of partner for acts of other partner upon dissolution.
Section 33-41-970. Power of partner to bind partnership after dissolution.
Section 33-41-980. Satisfying certain liability of partner.
Section 33-41-990. When partnership is not bound by partner after dissolution.
Section 33-41-1000. Liability under Section 33-41-380 not affected.
Section 33-41-1010. Effect of dissolution on existing liability of partner.
Section 33-41-1020. Right to wind up partnership affairs.
Section 33-41-1030. Application of property upon dissolution not in contravention of agreement.
Section 33-41-1040. Rights of partners upon dissolution in contravention of agreement.
Section 33-41-1050. Rights when partnership agreement is rescinded for fraud or misrepresentation.
Section 33-41-1060. Settlement of accounts between partners; rules for distribution.
Section 33-41-1070. Liability of persons continuing business in certain cases.
Section 33-41-1090. Accrual of right to an account.
Section 33-41-1130. Liability insurance.
Section 33-41-1140. Powers granted to limited liability partnership.
Section 33-41-1180. Application for certificate, articles of amendment, amended certificate.
Section 33-41-1190. Foreign limited liability partnership; cancellation of registration.
Section 33-41-1200. Effect of failure of foreign limited liability partnership to register.
Section 33-41-1220. Powers of General Assembly as to regulations, amendment or repeal of statute.
Section 33-41-1320. Effect of merger; service of process; liability for partnership obligations.