Any manufacturer, brewer, or importer of beer as referenced in Section 61-4-1115, or its affiliate may hold an interest in a limited partnership providing financial assistance to a general partner wholesaler, but may only exercise that control of the limited partnership business as is permitted by this Uniform Limited Partnership Act. However, in no event may the limited partner, directly or indirectly, have any managerial control or decision-making authority including personnel decisions, with respect to the day-to-day operations of the limited partnership, and upon a default by the general partner wholesaler, the limited partner is not entitled, directly or indirectly, to any additional control, ownership, or financial interest in the general partner wholesaler, nor may the limited partner become the general partner in the limited partnership. No manufacturer, brewer, or importer of beer or its affiliate licensed in this State, directly or indirectly, may have any financial or ownership interest in the general partner wholesaler. It is further declared an unfair trade practice for any manufacturer, brewer, or importer of beer or its affiliate holding an interest in a limited partnership providing financial assistance to a general partner wholesaler pursuant to this section to have directly or indirectly any managerial control or decision-making authority, including personnel decisions, with respect to the day-to-day operations of the limited partnership.
The only financial assistance that may be provided under the provisions of this section is the initial financial assistance to the limited partnership to acquire a licensed beer wholesaler. In this arrangement for financial assistance, the federal basic permit and the wholesaler's license issued by the department must be issued in the name of the general partner wholesaler on behalf of the limited partnership, and not in the name of the limited partnership nor in the name of the manufacturer, brewer, or importer or its affiliate.
The limited partnership may not exist for more than ten years from the date of its creation and may not be recreated, renewed, or extended beyond that date. The limited partnership shall not be considered as amending or otherwise altering Title 61 except for the limited purposes permitted in this section in connection with a manufacturer, brewer, or importer of beer or its affiliate who is licensed in this State providing the financial assistance. A manufacturer, brewer, or importer or its affiliate shall not mandate, directly or indirectly, that a wholesaler use the financial assistance as described in this section.
A violation of this section is deemed to be a violation of the South Carolina Unfair Trade Practices Act.
HISTORY: 2001 Act No. 76, Section 6.
Structure South Carolina Code of Laws
Title 33 - Corporations, Partnerships and Associations
Chapter 42 - Uniform Limited Partnership Act
Section 33-42-10. Short title.
Section 33-42-20. Definitions.
Section 33-42-40. Reservation of name.
Section 33-42-45. Assumed name.
Section 33-42-50. Specified office and agent.
Section 33-42-70. Nature of business.
Section 33-42-75. Limited partnerships activities, financial assistance, and duration.
Section 33-42-80. Business transactions of partner with partnership.
Section 33-42-210. Certificate of limited partnership.
Section 33-42-220. Amendment to certificate.
Section 33-42-230. Cancellation of certificate.
Section 33-42-240. Execution of certificates.
Section 33-42-250. Execution by judicial act.
Section 33-42-260. Filing in office of Secretary of State.
Section 33-42-270. Liability for false statement in certificate.
Section 33-42-280. Scope of notice.
Section 33-42-290. Delivery of certificates to limited partners.
Section 33-42-300. Affidavit of general partners' authority.
Section 33-42-310. Status of existing county filings.
Section 33-42-410. Admission of additional limited partners.
Section 33-42-430. Liabilities to third parties.
Section 33-42-440. Person erroneously believing himself limited partner.
Section 33-42-450. Information.
Section 33-42-610. Admission of additional or substitute general partners.
Section 33-42-620. Events of withdrawal.
Section 33-42-630. General powers and liabilities.
Section 33-42-640. Contributions by general partner.
Section 33-42-810. Form of contribution.
Section 33-42-820. Liability for contributions.
Section 33-42-830. Sharing of profits and losses.
Section 33-42-840. Sharing of distributions.
Section 33-42-1010. Interim distributions.
Section 33-42-1020. Withdrawal of general partner.
Section 33-42-1030. Withdrawal of limited partner.
Section 33-42-1040. Distribution upon withdrawal.
Section 33-42-1050. Distribution in kind.
Section 33-42-1060. Right to distribution.
Section 33-42-1070. Limitations on distribution.
Section 33-42-1080. Liability upon return of contribution.
Section 33-42-1210. Nature of partnership interest.
Section 33-42-1220. Assignment of partnership interest.
Section 33-42-1230. Rights of creditor.
Section 33-42-1240. Right of assignee to become limited partner.
Section 33-42-1250. Power of estate of deceased or incompetent partner.
Section 33-42-1410. Nonjudicial dissolution.
Section 33-42-1420. Judicial dissolution.
Section 33-42-1430. Winding up.
Section 33-42-1440. Distribution of assets.
Section 33-42-1610. Law governing.
Section 33-42-1620. Registration.
Section 33-42-1630. Issuance of registration.
Section 33-42-1650. Changes and amendments.
Section 33-42-1660. Cancellation of registration.
Section 33-42-1670. Transaction of business without registration.
Section 33-42-1680. Action of Attorney General.
Section 33-42-1690. Activities not deemed transacting business.
Section 33-42-1810. Right of action.
Section 33-42-1820. Proper plaintiff.
Section 33-42-2010. Construction and application.
Section 33-42-2020. Rules for cases not provided for in this chapter.
Section 33-42-2030. Severability.
Section 33-42-2040. Filing fees.
Section 33-42-2120. Articles of merger; contents; filing.
Section 33-42-2130. Effect of merger; service of process; liability for partnership obligations.