California Corporations Code

§ 15903.06

CORP § 15903.06 Effective Jan 1, 2015Title 2 · Ch. 4.5 · Art. 3

Statute text

(a)Except as otherwise provided in subdivision (b), a person that makes an investment in a business enterprise and erroneously but in good faith believes that the person has become a limited partner in the enterprise is not liable for the enterprise’s obligations by reason of making the investment, receiving distributions from the enterprise, or exercising any rights of or appropriate to a limited partner, if, on ascertaining the mistake, the person:

(1)causes an appropriate certificate of limited partnership, amendment, or certificate of correction to be signed and delivered to the Secretary of State for filing; or

(2)withdraws from future participation as an owner in the enterprise by signing and delivering to and on a form prescribed by the Secretary of State for filing a certificate of withdrawal containing the name of the limited partnership and the Secretary of State’s file number of the limited partnership under this section.

…

Legislative history

Amended by Stats. 2014, Ch. 834, Sec. 26. (SB 1041) Effective January 1, 2015.