Source: https://development.code.dccouncil.us/dc/council/code/titles/29/chapters/6/
Timestamp: 2019-05-22 05:35:58
Document Index: 758552413

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D.C. Law Library - Chapter 6. General Partnerships.
§§ 29-601.01 – 29-601.11
§§ 29-602.01 – 29-602.04
§§ 29-603.01 – 29-603.08
§§ 29-604.01 – 29-604.09
§§ 29-605.01 – 29-605.05
§§ 29-606.01 – 29-606.03
§§ 29-607.01 – 29-607.05
§§ 29-608.01 – 29-608.12
§§ 29-609.01 – 29-609.06
§§ 29-610.01 – 29-610.06
§§ 29-611.01 – 29-611.01
This chapter may be cited as the “Uniform Partnership Act of 2010”.
Uniform Law: This section is based on § 1202 of the Uniform Partnership Act (1997 Act).
(2) Is duly delivered at the person’s place of business or at any other place held out by the person as a place for receiving communications.
(e) Except as otherwise provided in subsection (f) of this section, a person other than an individual knows, has notice, or receives a notification of a fact for purposes of a particular transaction when the individual conducting the transaction knows, has notice, or receives a notification of the fact, or in any event when the fact would have been brought to the individual’s attention if the person had exercised reasonable diligence. The person exercises reasonable diligence if it maintains reasonable routines for communicating significant information to the individual conducting the transaction and there is reasonable compliance with the routines. Reasonable diligence shall not require an individual acting for the person to communicate information unless the communication is part of the individual’s regular duties or the individual has reason to know of the transaction and that the transaction would be materially affected by the information.
(f) A partner’s knowledge, notice, or receipt of a notification of a fact relating to the partnership shall be effective immediately as knowledge by notice to, or receipt of a notification by, the partnership, except in the case of a fraud on the partnership committed by or with the consent of that partner.
(g) A person that is not a partner is deemed:
(1) To know of a limitation on authority to transfer real property as provided in § 29-603.03(e); and
(2) To have notice of:
(A) A partner’s dissociation 90 days after a statement of dissociation under § 29-607.04 becomes effective; and
(B) A partnership’s:
(i) Dissolution 90 days after a statement of dissolution under § 29-608.05 becomes effective;
(ii) Termination 90 days after a statement of termination under § 29-608.02 becomes effective; and
(iii) Participation in a merger, interest exchange, conversion, or domestication 90 days after articles of merger, interest exchange, conversion, or domestication under Chapter 2 of this title becomes effective.
(July 2, 2011, D.C. Law 18-378, § 2, 58 DCR 1720; Mar. 5, 2013, D.C. Law 19-210, § 2(f)(2)(B), 59 DCR 13171.)
Uniform Law: This section is based on § 102 of the Uniform Partnership Act (1997 Act).
§ 29–601.04. Effect of partnership agreement; nonwaivable provisions.
(3) Eliminate the duty of loyalty under § 29-604.04(b) or § 29-606.03(b)(3), but:
(4) Unreasonably reduce the duty of care under § 29-604.04(c) or § 29-606.03(b)(3);
(5) Eliminate the obligation of good faith and fair dealing under § 29-604.04(d), but the partnership agreement may prescribe the standards by which the performance of the obligation is to be measured, if the standards are not manifestly unreasonable;
(9) Vary the law applicable to a limited liability partnership under § 29-105.01(a);
(10) Restrict rights of third parties under this chapter;
(11) Vary the provisions of § 29-601.10;
(12) Vary the provisions of § 29-603.07;
(14) Vary the right of a partner to approve a merger, interest exchange, conversion, or domestication; or
(15) Vary any requirement, procedure, or other provision of this title pertaining to:
(c) Subject to subsection (b) of this section, without limiting other terms that may be included in a partnership agreement, the following rules apply:
(A) Restrict or eliminate the aspects of the duty of loyalty stated in § 29-604.07(b);
(d) The court shall decide as a matter of law any claim under subsection (b)(5) or (c)(2) of this section that a term of a partnership agreement is manifestly unreasonable. The court:
(July 2, 2011, D.C. Law 18-378, § 2, 58 DCR 1720; Mar. 5, 2013, D.C. Law 19-210, § 2(f)(2)(C), 59 DCR 13171.)
This section is referenced in § 29-601.09 and § 29-604.01.
The 2013 amendment by D.C. Law 19-210 substituted “A” for “The” in the introductory language of (b); added (b)(11) through (b)(15) and made related changes; and added (c) and (d).
Uniform Law: This section is based on § 103 of the Uniform Partnership Act (1997 Act).
§ 29–601.05. Execution, filing, and recording of statements.
(c) A statement delivered to the Mayor for filing by a partnership shall be executed by at least 2 partners. Other statements shall be executed by a partner or other person authorized by this chapter An individual who executes a statement shall personally declare under penalty of making false statements that the contents of the statement are accurate.
(July 2, 2011, D.C. Law 18-378, § 2, 58 DCR 1720; Mar. 5, 2013, D.C. Law 19-210, § 2(f)(2)(D), 59 DCR 13171.)
This section is referenced in § 29-601.04, § 29-603.03, § 29-609.04, and § 29-610.01.
Uniform Law: This section is based on § 105 of the Uniform Partnership Act (1997 Act).
§ 29–601.06. Governing law.
The internal affairs of a partnership and the liability of a partner as a partner for the debts, obligations, or other liabilities of the partnership are governed by:
(1) In the case of a limited liability partnership, the law of the District of Columbia; and
(2) In the case of a partnership that is not a limited liability partnership, the law of the state of the jurisdiction in which the partnership has its principal office.
(July 2, 2011, D.C. Law 18-378, § 2, 58 DCR 1720; Mar. 5, 2013, D.C. Law 19-210, § 2(f)(2)(E), 59 DCR 13171.)
Uniform Law: This section is based on § 106 of the Uniform Partnership Act (1997 Act).
§ 29–601.07. Applicability of act to foreign and interstate commerce.
§ 29–601.08. Partnership agreement; effect on partnership and person becoming partner; preformation agreement.
(a) A person that becomes a partner of a partnership is deemed to assent to the partnership agreement.
(b) A partnership is bound by and may enforce the partnership agreement, whether or not the partnership itself has manifested assent to the agreement.
(c) Two or more persons intending to become the initial partners of a partnership may make an agreement providing that upon the formation of the partnership the agreement will become the partnership agreement.
(Mar. 5, 2013, D.C. Law 19-210, § 2(f)(2)(F), 59 DCR 13171.)
§ 29–601.09. Partnership agreement; effect on third parties and relationship to records effective on behalf of partnership.
(b) The obligations of a partnership and its partners to a person in the person’s capacity as a transferee or person dissociated as a partner are governed by the partnership agreement. Subject only to a court order issued under § 29-605.04 to effectuate a charging order, an amendment to the partnership agreement made after a person becomes a transferee or is dissociated as a partner:
(1) Is effective with regard to any debt, obligation, or other liability of the partnership or its partners to the person in the person’s capacity as a transferee or person dissociated as a partner; and
(2) Is not effective to the extent the amendment:
(A) Imposes a new debt, obligation, or other liability on the transferee or person dissociated as a partner; or
(B) Prejudices the rights under § 29-607.01 of a person that dissociated as a partner before the amendment was made.
(c) If a record delivered by a partnership to the Mayor for filing becomes effective under this chapter and contains a provision that would be ineffective under § 29-601.04(b) or (d)(2) if contained in the partnership agreement, the provision is ineffective in the record.
(d) Subject to subsection (c) of this section, if a record delivered by a partnership to the Mayor for filing becomes effective under this chapter and conflicts with a provision of the partnership agreement:
§ 29–601.10. Signing and filing pursuant to judicial order.
(b) If a petitioner under subsection (a) of this section is not the partnership or foreign limited liability partnership to which the record pertains, the petitioner shall make the partnership a party to the action.
This section is referenced in § 29-601.04 and § 29-601.11.
§ 29–601.11. Liability for inaccurate information in filed record.
(2) A partner, if:
(B) The partner had notice of the inaccuracy for a reasonably sufficient time before the information was relied upon so that, before the reliance, the partner reasonably could have:
(i) Effected an amendment under § 29-610.01(h);
(ii) Filed a petition under § 29-601.10; or
(b) An individual who signs a record authorized or required to be filed under this chapter affirms under penalty of making false statements that the information stated in the record is accurate.
§ 29–603.01. Partner agent of partnership.
Subject to the effect of a statement of partnership authority under § 29-603.03:
(1) Each partner shall be an agent of the partnership for the purpose of its business.
(2) An act of a partner, including the execution of an instrument in the partnership name, for apparently carrying on in the ordinary course the partnership business or business of the kind carried on by the partnership shall bind the partnership, unless the partner had no authority to act for the partnership in the particular matter and the person with whom the partner was dealing knew or had received a notification that the partner lacked authority.
(3) An act of a partner which is not apparently for carrying on in the ordinary course the partnership business or business of the kind carried on by the partnership shall bind the partnership only if the act was authorized by the other partners.
2001 Ed., § 33-103.01.
This section is referenced in § 29-603.02, § 29-604.01, § 29-607.02, § 29-608.04, and § 29-608.05.
Uniform Law: This section is based on § 301 of the Uniform Partnership Act (1997 Act).
(1) Subject to the effect of a statement of partnership authority under § 29-603.03, partnership property held in the name of the partnership may be transferred by an instrument of transfer executed by a partner in the partnership name.
(2) Partnership property held in the name of one or more partners with an indication in the instrument transferring the property to them in their capacity as partners or of the existence of a partnership, but without an indication of the name of the partnership, may be transferred by an instrument of transfer executed by the persons in whose name the property is held.
(3) Partnership property held in the name of one or more persons other than the partnership, without an indication in the instrument transferring the property to them in their capacity as partners or of the existence of a partnership, may be transferred by an instrument of transfer executed by the persons in whose name the property is held.
(b) A partnership may recover partnership property from a transferee only if it proves that execution of the instrument of initial transfer did not bind the partnership under § 29-603.01 and:
(1) As to a subsequent transferee who gave value for property transferred under subsection (a)(1) and (2) of this section, proves that the subsequent transferee knew or had received a notification that the person that executed the instrument of initial transfer lacked authority to bind the partnership; or
(2) As to a transferee who gave value for property transferred under subsection (a)(3) of this section, proves that the transferee knew or had received a notification that the property was partnership property and that the person that executed the instrument of initial transfer lacked authority to bind the partnership.
(c) A partnership shall not recover partnership property from a subsequent transferee if the partnership would not have been entitled to recover the property, under subsection (b) of this section, from any earlier transferee of the property.
(d) If a person holds all of the partners’ interests in the partnership, all of the partnership property shall vest in that person. The person may execute a document in the name of the partnership to evidence vesting of the property in that person and may file or record the document.
2001 Ed., § 33-103.02.
This section is referenced in § 29-609.04.
Uniform Law: This section is based on § 302 of the Uniform Partnership Act (1997 Act).
A partner or other person named as a partner in a filed statement of partnership authority or in a list maintained by an agent pursuant to § 29-603.03(b) may deliver to the Mayor for filing a statement of denial stating the name of the partnership and the fact that is being denied, which may include denial of a person’s authority or status as a partner. A statement of denial shall be a limitation on authority as provided in § 29-603.03(d) and (e).
(July 2, 2011, D.C. Law 18-378, § 2, 58 DCR 1720; Mar. 5, 2013, D.C. Law 19-210, § 2(f)(3)(B), 59 DCR 13171.)
2001 Ed., § 33-103.04.
The 2013 amendment by D.C. Law 19-210 substituted “deliver to the Mayor for filing” for “file.”
Uniform Law: This section is based on § 304 of the Uniform Partnership Act (1997 Act).
§ 29–603.05. Partnership liable for partner’s actionable conduct.
(a) A partnership shall be liable for loss or injury caused to a person, or for a penalty incurred, as a result of a wrongful act or omission, or other actionable conduct, of a partner acting in the ordinary course of business of the partnership or with authority of the partnership.
(b) If, in the course of the partnership’s business or while acting with authority of the partnership, a partner receives or causes the partnership to receive money or property of a person not a partner, and the money or property is misapplied by a partner, the partnership shall be liable for the loss.
2001 Ed., § 33-103.05.
Uniform Law: This section is based on § 305 of the Uniform Partnership Act (1997 Act).
§ 29–603.06. Partner’s liability.
(a) Except as otherwise provided in subsections (b) and (c) of this section, all partners shall be liable jointly and severally for all debts, obligations, or other liabilities of the partnership unless otherwise agreed by the claimant or provided by law.
(b) A person admitted as a partner into an existing partnership shall not be personally liable for any partnership debt, obligation, or other liability incurred before the person’s admission as a partner.
(c) An obligation of a partnership incurred while the partnership is a limited liability partnership, whether arising in contract, tort, or otherwise, shall be solely the debt, obligation, or other liability of the partnership. A partner shall not be personally liable, directly or indirectly, by way of contribution or otherwise, for such a debt, obligation, or other liability solely by reason of being or so acting as a partner. This subsection shall apply notwithstanding anything inconsistent in the partnership agreement that existed immediately before the vote required to become a limited liability partnership under § 29-610.01(b).
(d) The failure of a limited liability partnership to observe any formalities relating to the exercise of its powers or management of its business is not a ground for imposing liability on any partner of the partnership for any debt, obligation, or other liability of the partnership.
(e) The cancellation or administrative revocation of a limited liability partnership’s statement of qualification does not affect this section’s limitation on the liability of a partner for a debt, obligation, or other liability of the partnership incurred while the statement was in effect.
(July 2, 2011, D.C. Law 18-378, § 2, 58 DCR 1720; Mar. 5, 2013, D.C. Law 19-210, § 2(f)(3)(C), 59 DCR 13171.)
2001 Ed., § 33-103.06.
This section is referenced in § 29-601.02, § 29-603.07, § 29-607.03, § 29-608.06, § 29-608.07, § 29-608.08, § 29-608.09, § 29-608.11, and § 29-609.03.
The 2013 amendment by D.C. Law 19-210 substituted “debt, obligation, or other liability” or a variant thereof for “obligation” or a variant thereof in (a), (b), and (c); and added (d) and (e).
Uniform Law: This section is based on § 306 of the Uniform Partnership Act (1997 Act).
§ 29–603.07. Actions by and against partnership and partners.
(b) Except as otherwise provided in subsection (f) of this section, action may be brought against the partnership and, to the extent not inconsistent with § 29-603.06, any or all of the partners in the same action or in separate actions.
(c) A judgment against a partnership shall not by itself be a judgment against a partner. A judgment against a partnership shall not be satisfied from a partner’s assets unless there is also a judgment against the partner.
(d) A judgment creditor of a partner may not levy execution against the assets of the partner to satisfy a judgment based on a claim against the partnership unless the partner is personally liable for the claim under § 29-603.06 and:
(e) This section shall apply to any partnership debt, obligation, or other liability resulting from a representation by a partner or purported partner under § 29-603.08.
(f) A partner is not a proper party to an action against a partnership if that partner is not personally liable for the claim under § 29-603.06.
(July 2, 2011, D.C. Law 18-378, § 2, 58 DCR 1720; Mar. 5, 2013, D.C. Law 19-210, § 2(f)(3)(D), 59 DCR 13171.)
2001 Ed., § 33-103.07.
This section is referenced in § 29-601.04.
The 2013 amendment by D.C. Law 19-210 substituted “debt, obligation, or other liability” for “liability or obligation” in (e); and substituted “is not” for “shall not be” in (f).
Uniform Law: This section is based on § 307 of the Uniform Partnership Act (1997 Act).
§ 29–603.08. Liability of purported partner.
(a) If a person, by words or conduct, purports to be a partner, or consents to being represented by another as a partner, in a partnership or with one or more persons not partners, the purported partner shall be liable to a person to whom the representation is made, if that person, relying on the representation, enters into a transaction with the actual or purported partnership. If the representation, either by the purported partner or by a person with the purported partner’s consent, is made in a public manner, the purported partner shall be liable to a person that relies upon the purported partnership even if the purported partner is not aware of being held out as a partner to the claimant. If partnership liability results, the purported partner shall be liable with respect to that liability as if the purported partner were a partner. If no partnership liability results, the purported partner shall be liable with respect to that liability jointly and severally with any other person consenting to the representation.
(b) If a person is thus represented to be a partner in an existing partnership, or with one or more persons not partners, the purported partner shall be an agent of persons consenting to the representation to bind them to the same extent and in the same manner as if the purported partner were a partner, with respect to persons that enter into transactions in reliance upon the representation. If all of the partners of the existing partnership consent to the representation, a partnership act or obligation shall result. If fewer than all of the partners of the existing partnership consent to the representation, the person acting and the partners consenting to the representation shall be jointly and severally liable.
(c) A person shall not be liable as a partner merely because the person is named by another in a statement of partnership authority.
(d) A person shall not continue to be liable as a partner merely because of a failure to file a statement of dissociation or to amend a statement of partnership authority to indicate the partner’s dissociation from the partnership.
(e) Except as otherwise provided in subsections (a) and (b) of this section, persons that are not partners as to each other shall not be liable as partners to other persons.
2001 Ed., § 33-103.08.
This section is referenced in § 29-603.07.
Uniform Law: This section is based on § 308 of the Uniform Partnership Act (1997 Act).
§ 29–605.01. Partner not co-owner of partnership property.
A partner shall not be a co-owner of partnership property and has no interest in partnership property which can be transferred, either voluntarily or involuntarily.
2001 Ed., § 33-105.01.
Uniform Law: This section is based on § 501 of the Uniform Partnership Act (1997 Act).
Except as otherwise provided in subchapter IX of this chapter or Chapter 2 of this title, the only transferable interest of a partner in the partnership is the partner’s share of the profits and losses of the partnership and the partner’s right to receive distributions. The interest of a partner, whether or not transferable, shall be personal property.
(July 2, 2011, D.C. Law 18-378, § 2, 58 DCR 1720; Mar. 5, 2013, D.C. Law 19-210, § 2(f)(5)(A), 59 DCR 13171.)
2001 Ed., § 33-105.02.
The 2013 amendment by D.C. Law 19-210 substituted “is” for the first occurrence of “shall be.”
Uniform Law: This section is based on § 502 of the Uniform Partnership Act (1997 Act).
(1) The rights of a transferee provided in § 29-605.03(c); and
(2) For purposes of settling the estate, the rights the deceased partner had under § 29-604.06.
(Mar. 5, 2013, D.C. Law 19-210, § 2(f)(5)(C), 59 DCR 13171.)
§ 29–606.01. Events causing partner’s dissociation.
A partner shall be dissociated from a partnership when:
(1) The partnership has notice of the partner’s express will to withdraw as a partner or on a later date specified by the partner;
(2) An event agreed to in the partnership agreement as causing the partner’s dissociation occurs;
(3) The partner is expelled pursuant to the partnership agreement;
(4) The partner is expelled by the unanimous vote of the other partners if:
(5) On application by the partnership or another partner, the partner is expelled by judicial determination because the partner:
(B) Willfully or persistently committed a material breach of the partnership agreement or of a duty owed to the partnership or the other partners under § 29-604.04; or
(C) Engaged in conduct relating to the partnership business which makes it not reasonably practicable to carry on the business in partnership with the partner;
(6) The partner:
(B) Executed an assignment for the benefit of creditors;
(C) Sought, consented to, or acquiesced in the appointment of a trustee, receiver, or liquidator of that partner or of all or substantially all of that partner’s property; or
(D) Failed, within 90 days after the appointment, to have vacated or stayed the appointment of a trustee, receiver, or liquidator of the partner or of all or substantially all of the partner’s property obtained without the partner’s consent or acquiescence, or failed within 90 days after the expiration of a stay to have the appointment vacated;
(A) The partner dies;
(B) A guardian or general conservator is appointed for the partner; or
(C) There is a judicial determination that the partner has otherwise become incapable of performing the partner’s duties under the partnership agreement;
(8) In the case of a partner that is a trust or is acting as a partner by virtue of being a trustee of a trust, the trust’s entire transferable interest in the partnership is distributed;
(9) In the case of a partner that is an estate or is acting as a partner by virtue of being a personal representative of an estate, the estate’s entire transferable interest in the partnership is distributed;
(10) A partner that is not an individual, partnership, corporation, trust, or estate dissolves and completes winding up; or
(11) The partnership participates in a merger, interest exchange, conversion, or domestication under Chapter 2 of this title or Subchapter [subchapter] IX of this chapter and, as a result, the person ceases to be a partner.
(July 2, 2011, D.C. Law 18-378, § 2, 58 DCR 1720; Mar. 5, 2013, D.C. Law 19-210, § 2(f)(6)(A), 59 DCR 13171.)
2001 Ed., § 33-106.01.
This section is referenced in § 29-601.02, § 29-601.04, § 29-606.02, and § 29-608.01.
The 2013 amendment by D.C. Law 19-210 substituted “dissolves and completes winding up; or” for “is terminated” in (10); added (11); and made a related change.
Uniform Law: This section is based on § 601 of the Uniform Partnership Act (1997 Act).
§ 29–606.02. Partner’s power to dissociate; wrongful dissociation.
(a) A partner may dissociate at any time, rightfully or wrongfully, by express will pursuant to § 29-606.01(1).
(b) A partner’s dissociation shall be wrongful only if:
(A) The partner withdraws by express will, unless the withdrawal follows within 90 days after another partner’s dissociation by death or otherwise under § 29-606.01(6) through (10) or wrongful dissociation under this subsection;
(B) The partner is expelled by judicial determination under § 29-606.01(5);
(D) In the case of a partner that is not an individual, trust other than a business trust, or estate, the partner is expelled or otherwise dissociated because it willfully dissolved or terminated.
(c) A partner that wrongfully dissociates shall be liable to the partnership and to the other partners for damages caused by the dissociation. The liability shall be in addition to any other obligation of the partner to the partnership or to the other partners.
2001 Ed., § 33-106.02.
This section is referenced in § 29-601.04, § 29-607.01, and § 29-608.01.
Uniform Law: This section is based on § 602 of the Uniform Partnership Act (1997 Act).
§ 29–606.03. Effect of partner’s dissociation.
(a) If a partner’s dissociation results in a dissolution and winding up of the partnership business, subchapter VIII of this chapter shall apply; otherwise, subchapter VII of this chapter applies.
(1) The partner’s right to participate in the management and conduct of the partnership business terminates, except as otherwise provided in § 29-608.03;
(2) The partner’s duty of loyalty under § 29-604.04(b)(3) terminates; and
(3) The partner’s duty of loyalty under § 29-604.04(b)(1) and (2) and duty of care under § 29-604.04(c) continue only with regard to matters arising and events occurring before the partner’s dissociation, unless the partner participates in winding up the partnership’s business pursuant to § 29-608.03.
(c) A person’s dissociation alone does not discharge the person from a debt, obligation, or other liability to the partnership or to the other partners which the person incurred while a partner.
(July 2, 2011, D.C. Law 18-378, § 2, 58 DCR 1720; Mar. 5, 2013, D.C. Law 19-210, § 2(f)(6)(B), 59 DCR 13171.)
2001 Ed., § 33-106.03.
Uniform Law: This section is based on § 603 of the Uniform Partnership Act (1997 Act).
§ 29–609.01. Definitions.
(3) “Limited partnership” means a limited partnership created under Chapter 2 of this title, predecessor law, or comparable law of another jurisdiction.
2001 Ed., § 33-109.01.
Uniform Law: This section is based on § 901 of the Uniform Partnership Act (1997 Act).
(a) Pursuant to a plan of merger approved as provided in subsection (c) of this section, a partnership may be merged with one or more partnerships.
(2) The name of the surviving partnership into which the other partnerships will merge;
(4) The manner and basis of converting the interests of each party to the merger into interests or obligations of the surviving partnership, or into money or other property in whole or part; and
(5) The street address of the surviving partnership’s principal office.
(c) The plan of merger shall be approved by all of the partners, or a number or percentage specified for merger in the partnership agreement.
(e) The merger shall be effective on the later of:
(1) The filing of all documents required by law to be filed as a condition to the effectiveness of the merger; or
(2) Any effective date specified in the plan of merger.
(f) A merger in which a partnership and another form of entity are parties shall be governed by Chapter 2 of this title.
2001 Ed., § 33-109.05.
Uniform Law: This section is based on § 905 of the Uniform Partnership Act (1997 Act).
(3) The street address of the surviving partnership’s principal office and of an office in the District, if any.
Uniform Law: This section is based on § 907 of the Uniform Partnership Act (1997 Act).
§ 29–609.05. Interest exchanges.
(a) One or more domestic or foreign partnerships may adopt a plan of interest exchange by which a domestic or foreign partnership acquires all of the outstanding partnership interests of one or more domestic partnerships in exchange for cash or securities of the acquiring domestic or foreign partnership, if:
(1) Each domestic or foreign partnership, the partnership interests of which are to be acquired under the plan of exchange, approves the plan of exchange in the manner prescribed in its partnership agreement; and
(2) Each acquiring domestic or foreign partnership takes all action that may be required by the laws of the state under which it was formed and as required by its partnership agreement in order to effect the exchange.
(b) A statement of interest exchange shall be signed on behalf of a domestic acquired entity and delivered to the Mayor for filing in accordance with § 29-102.03(a). When an interest exchange takes effect as provided in the plan of exchange:
(1) The partnership interest of each domestic partnership that is to be acquired under the plan of exchange shall be considered exchanged as provided in the plan of exchange;
(2) The former holders of the partnership interests exchanged under the plan of exchange shall be entitled only to the exchange rights provided in the plan of exchange; and
(3) The acquiring domestic or foreign partnership shall be entitled to all rights, title, and interest with respect to the partnership interests so acquired and exchanged, subject to the provisions in the plan of exchange.
(July 2, 2011, D.C. Law 18-378, § 2, 58 DCR 1720; Mar. 5, 2013, D.C. Law 19-210, § 2(f)(9), 59 DCR 13171.)
2001 Ed., § 33-109.08.
This section is referenced in § 29-203.01.
§ 29–609.06. Nonexclusive.
This subchapter shall not be exclusive. Partnerships may merge or engage in interest exchanges in any other manner provided or permitted by law.
2001 Ed., § 33-109.09.
Uniform Law: This section is based on § 909 of the Uniform Partnership Act (1997 Act).
§ 29–611.01. Application to existing relations.
(a) This chapter shall apply to a partnership formed after the applicability date of this chapter and to a partnership that elects, as provided by subsection (c) of this section, to be governed by this chapter.
(b) On and after one year after the applicability date of this chapter, this chapter shall govern all partnerships, whenever formed.
(c) After the applicability date of this chapter, a partnership voluntarily may elect, in the manner provided in its partnership agreement or by law for amending the partnership agreement, to be governed by this chapter. The provisions of this chapter relating to the liability of the partnership’s partners to third parties shall apply to limit those partners’ liability to a third party that had done business with the partnership within one year before the partnership’s election to be governed by this chapter only if the third party knows or has received a notification of the partnership’s election to be governed by this chapter.