179.0408 Reimbursement; indemnification; advancement; and insurance.
(1) A limited partnership shall reimburse a general partner for any payment made by the general partner in the course of the general partner's activities on behalf of the partnership, if the general partner complied with ss. 179.0406, 179.0409, and 179.0504 in making the payment.
(2) A limited partnership shall indemnify and hold harmless a person with respect to any claim or demand against the person and any debt, obligation, or other liability incurred by the person by reason of the person's former or present capacity as a general partner, if the claim, demand, debt, obligation, or other liability does not arise from the person's breach of s. 179.0406, 179.0409, or 179.0504.
(3) In the ordinary course of its activities and affairs, a limited partnership may advance reasonable expenses, including attorney fees and costs, incurred by a person in connection with a claim or demand against the person by reason of the person's former or present capacity as a general partner, if the person promises to repay the partnership if the person ultimately is determined not to be entitled to be indemnified under sub. (2).
(4) A limited partnership may purchase and maintain insurance on behalf of a general partner against liability asserted against or incurred by the general partner in that capacity or arising from that status even if, under s. 179.0105 (3) (h), the partnership agreement could not eliminate or limit the person's liability to the partnership for the conduct giving rise to the liability.
History: 2021 a. 258.
Structure Wisconsin Statutes & Annotations
Wisconsin Statutes & Annotations
Chapter 179 - Uniform limited partnership law.
179.0105 - Partnership agreement; scope, function, and limitations.
179.0108 - Required information.
179.0110 - Nature, purpose, and duration of limited partnership.
179.0113 - Supplemental principles of law.
179.0115 - Reservation of name.
179.0116 - Registration of name.
179.0117 - Registered agent and registered office.
179.0118 - Change of registered agent or registered office by limited partnership.
179.0119 - Resignation of registered agent.
179.0120 - Change of name or address by registered agent.
179.0121 - Service of process, notice, or demand.
179.0122 - Delivery of record.
179.0124 - Filing fees; certified copies.
179.0201 - Formation of limited partnership; certificate of limited partnership.
179.0202 - Amendment or restatement of certificate of limited partnership.
179.0203 - Signing of records to be delivered for filing to the department.
179.0204 - Signing and filing pursuant to judicial order.
179.0205 - Liability for inaccurate information in filed record.
179.0206 - Filing requirements.
179.0207 - Effective date and time.
179.0208 - Withdrawal of filed record before effectiveness.
179.0209 - Correcting filed record.
179.0210 - Duty of department to file; review of refusal to file; delivery of record by department.
179.0211 - Certificate of status.
179.0212 - Annual report for department.
179.0301 - Becoming limited partner.
179.0302 - No agency power of limited partner as limited partner.
179.0303 - No liability as limited partner for limited partnership obligations.
179.0304 - Rights to information of limited partner and person dissociated as limited partner.
179.0305 - Limited duties of limited partners.
179.0306 - Person erroneously believing self to be limited partner.
179.0401 - Becoming general partner.
179.0402 - General partner agent of limited partnership.
179.04023 - Statement of partnership authority.
179.04025 - Statement of denial.
179.0403 - Limited partnership liable for general partner's actionable conduct.
179.0404 - General partner's liability.
179.0405 - Actions against partnership and partners.
179.0406 - Management rights of general partner.
179.0407 - Rights to information of general partner and person dissociated as general partner.
179.0408 - Reimbursement; indemnification; advancement; and insurance.
179.0409 - Standards of conduct for general partners.
179.0501 - Form of contribution.
179.0502 - Liability for contribution.
179.0503 - Sharing of and right to distributions before dissolution.
179.0504 - Limitations on distributions.
179.0505 - Liability for improper distributions.
179.0601 - Dissociation as limited partner.
179.0602 - Effect of dissociation as limited partner.
179.0603 - Dissociation as general partner.
179.0604 - Power to dissociate as general partner; wrongful dissociation.
179.0605 - Effect of dissociation as general partner.
179.0606 - Power to bind and liability of person dissociated as general partner.
179.0607 - Liability of person dissociated as general partner to other persons.
179.0701 - Nature of transferable interest.
179.0702 - Transfer of transferable interest.
179.0704 - Power of legal representative of deceased partner.
179.0801 - Events causing dissolution.
179.0803 - Rescinding dissolution.
179.0804 - Power to bind partnership after dissolution.
179.0805 - Liability after dissolution of general partner and person dissociated as general partner.
179.0806 - Known claims against dissolved limited partnership.
179.0807 - Claims against dissolved limited partnership generally.
179.0810 - Disposition of assets in winding up; when contributions required.
179.0811 - Administrative dissolution.
179.0813 - Appeal from denial of reinstatement.
179.0901 - Direct action by partner.
179.0905 - Special litigation committee.
179.0906 - Proceeds and expenses.
179.1002 - Registration to do business in this state.
179.1003 - Foreign registration statement.
179.1004 - Amendment of foreign registration statement.
179.1005 - Activities not constituting doing business.
179.1006 - Noncomplying name of foreign limited partnership.
179.1009 - Transfer of registration.
179.10101 - Grounds for termination.
179.10102 - Procedure for and effect of termination.
179.10103 - Appeal from termination.
179.1011 - Withdrawal of registration of registered foreign limited partnership.
179.1012 - Action by attorney general.
179.1102 - Relationship of subchapter to other laws.
179.1105 - Reference to external facts.
179.1123 - Approval of merger; amendment; abandonment.
179.1124 - Filings required for merger; effective date.
179.1131 - Interest exchange authorized.
179.1132 - Plan of interest exchange.
179.1133 - Approval of interest exchange; amendment; abandonment.
179.1134 - Filings required for interest exchange; effective date.
179.1135 - Effect of interest exchange.
179.1141 - Conversion authorized.
179.1142 - Plan of conversion.
179.1143 - Approval of conversion; amendment; abandonment.
179.1144 - Filings required for conversion; effective date.
179.1145 - Effect of conversion.
179.1151 - Domestication authorized.
179.1152 - Plan of domestication.
179.1153 - Approval of domestication; amendment; abandonment.
179.1154 - Filings required for domestication; effective date.
179.1155 - Effect of domestication.
179.1161 - Restrictions on approval of mergers, interest exchanges, conversions, and domestications.
179.1201 - Uniformity of application and construction.
179.1202 - Relation to Electronic Signatures in Global and National Commerce Act.