reglab/housing_qa huggingface dataset:
MI Comp L § 449.1304 (2021)
2021 Michigan Compiled Laws|Chapter 449 - Partnerships|Act 213 of 1982 - Michigan Revised Uniform Limited Partnership Act (449.1101 - 449.2108)|Article 3 - (449.1301...449.1305)|Section 449.1304 - Liability of Person Erroneously but in Good Faith Believing He or She Is Limited Partner.

449.1304 Liability of person erroneously but in good faith believing he or she is limited partner. Sec. 304.  (a) Except as provided in subsection (b), a person who makes a contribution to a business enterprise and erroneously but in good faith believes that he or she has become a limited partner in the enterprise is not a general partner in the enterprise and is not bound by its obligations by reason of making the contribution, receiving distributions from the enterprise, or exercising any rights of a limited partner, if, on ascertaining the mistake, the person does either of the following:  (1) Causes an appropriate certificate of limited partnership, certificate of amendment, or restated certificate of limited partnership to be executed and filed.  (2) Withdraws from future equity participation in the enterprise. With respect to any limited partnership for which a certificate of limited partnership has been filed, the withdrawal may be accomplished by executing and filing with the office of the administrator a certificate declaring withdrawal under this section.  (b) A person who makes a contribution of the kind described in subsection (a) is liable as a general partner to any third party who transacts business with the enterprise: (i) before the person withdraws and an appropriate certificate is filed to show withdrawal or (ii) before an appropriate certificate is filed to show the person's status as a limited partner and, in the case of an amendment, after expiration of the 60-day period for filing an amendment relating to the person as a limited partner under section 202, but in either case only if the third party actually believed in good faith that the person was a general partner at the time of the transaction. History: 1982, Act 213, Eff. Jan. 1, 1983 ;-- Am. 1986, Act 100, Eff. July 1, 1986
MI Comp L § 449.1305 (2021)
2021 Michigan Compiled Laws|Chapter 449 - Partnerships|Act 213 of 1982 - Michigan Revised Uniform Limited Partnership Act (449.1101 - 449.2108)|Article 3 - (449.1301...449.1305)|Section 449.1305 - Rights of Limited Partner.

449.1305 Rights of limited partner. Sec. 305.  Each limited partner has the right to:  (1) Inspect and copy or have his or her designated representative inspect and copy any of the partnership records required to be maintained by section 106.  (2) Obtain from the general partners, from time to time, upon reasonable demand (i) true and full information regarding the state of the business and financial condition of the limited partnership, (ii) promptly after becoming available, a copy of the limited partnership's federal, state, and local income tax returns for each year, and (iii) other information regarding the affairs of the limited partnership as is just and reasonable. History: 1982, Act 213, Eff. Jan. 1, 1983
MI Comp L § 449.1401 (2021)
2021 Michigan Compiled Laws|Chapter 449 - Partnerships|Act 213 of 1982 - Michigan Revised Uniform Limited Partnership Act (449.1101 - 449.2108)|Article 4 - (449.1401...449.1405)|Section 449.1401 - Admission of Additional General Partners.

449.1401 Admission of additional general partners. Sec. 401.  After the filing of a limited partnership's original certificate of limited partnership, additional general partners may be admitted as provided in the partnership agreement or, if the partnership agreement does not so provide, upon the written consent of all partners. History: 1982, Act 213, Eff. Jan. 1, 1983
MI Comp L § 449.1403 (2021)
2021 Michigan Compiled Laws|Chapter 449 - Partnerships|Act 213 of 1982 - Michigan Revised Uniform Limited Partnership Act (449.1101 - 449.2108)|Article 4 - (449.1401...449.1405)|Section 449.1403 - General Partner; Rights and Powers; Restrictions.

449.1403 General partner; rights and powers; restrictions. Sec. 403.  (a) Except as provided in this act or in the partnership agreement, a general partner of a limited partnership has the rights and powers and is subject to the restrictions of a partner in a partnership without limited partners.  (b) Except as provided in this act, a general partner of a limited partnership has the liabilities of a partner in a partnership without limited partners to persons other than the partnership and the other partners. Except as provided in this act or in the partnership agreement, a general partner of a limited partnership has the liabilities of a partner in a partnership without limited partners to the partnership and to the other partners. History: 1982, Act 213, Eff. Jan. 1, 1983 ;-- Am. 1986, Act 100, Eff. July 1, 1986
MI Comp L § 449.1404 (2021)
2021 Michigan Compiled Laws|Chapter 449 - Partnerships|Act 213 of 1982 - Michigan Revised Uniform Limited Partnership Act (449.1101 - 449.2108)|Article 4 - (449.1401...449.1405)|Section 449.1404 - General Partner; Right to Contribute to Partnership and Share in Profits and Losses as General or Limited Partner; Rights, Powers, Restrictions, and Liabilities of One Person as Both General and Limited Partner.

449.1404 General partner; right to contribute to partnership and share in profits and losses as general or limited partner; rights, powers, restrictions, and liabilities of one person as both general and limited partner. Sec. 404.  A general partner of a limited partnership may make contributions to the partnership and share in the profits and losses of, and in distributions from, the limited partnership as a general partner. A general partner also may make contributions to and share in profits, losses, and distributions as a limited partner. A person who is both a general partner and a limited partner has the rights and powers, and is subject to the restrictions and liabilities, of a general partner and, except as provided in the partnership agreement, also has the powers, and is subject to the restrictions, of a limited partner to the extent of his or her participation in the partnership as a limited partner. History: 1982, Act 213, Eff. Jan. 1, 1983
MI Comp L § 449.1405 (2021)
2021 Michigan Compiled Laws|Chapter 449 - Partnerships|Act 213 of 1982 - Michigan Revised Uniform Limited Partnership Act (449.1101 - 449.2108)|Article 4 - (449.1401...449.1405)|Section 449.1405 - Voting Rights of General Partners.

449.1405 Voting rights of general partners. Sec. 405.  The partnership agreement may grant to all or certain identified general partners the right to vote, on a per capita or any other basis, separately or with all or any class of the limited partners, on any matter. History: 1982, Act 213, Eff. Jan. 1, 1983
MI Comp L § 449.1501 (2021)
2021 Michigan Compiled Laws|Chapter 449 - Partnerships|Act 213 of 1982 - Michigan Revised Uniform Limited Partnership Act (449.1101 - 449.2108)|Article 5 - (449.1501...449.1504)|Section 449.1501 - Contribution of Partner, Form.

449.1501 Contribution of partner, form. Sec. 501.  The contribution of a partner may be in cash, property, or services rendered, or a promissory note or other obligation to contribute cash or property or to perform services. History: 1982, Act 213, Eff. Jan. 1, 1983
MI Comp L § 449.1502 (2021)
2021 Michigan Compiled Laws|Chapter 449 - Partnerships|Act 213 of 1982 - Michigan Revised Uniform Limited Partnership Act (449.1101 - 449.2108)|Article 5 - (449.1501...449.1504)|Section 449.1502 - Obligation of Limited Partner to Contribute; Obligation Upon Failure to Contribute; Compromise of Obligation; Creditor Enforcement of Original Obligation; Obligation of General Partner to Contribute.

449.1502 Obligation of limited partner to contribute; obligation upon failure to contribute; compromise of obligation; creditor enforcement of original obligation; obligation of general partner to contribute. Sec. 502.  (a) Except as provided in the certificate of limited partnership, a limited partner is obligated to the limited partnership to perform any promise to contribute cash or property or to perform services, even if the limited partner is unable to perform because of death, disability, or any other reason. If a limited partner does not make the required contribution of property or services, the limited partner is obligated at the option of the limited partnership to contribute cash equal to that portion of the value, as stated in the certificate of limited partnership, of the stated contribution that has not been made, in addition to any other rights that the limited partnership may have against such limited partner under the partnership agreement or applicable law.  (b) Unless otherwise provided in the partnership agreement, the obligation of a limited partner to make a contribution or return money or other property paid or distributed in violation of this act may be compromised only by consent of all the partners. Notwithstanding the compromise, a creditor of a limited partnership who extends credit, or whose claim arises, after the filing of the certificate of limited partnership or an amendment to the certificate which, in either case, reflects the obligation, and before the amendment or cancellation of the certificate to reflect the compromise, may enforce the original obligation.  (c) The obligation of a general partner to the limited partnership to contribute cash or property or perform services shall be as provided in the partnership agreement. History: 1982, Act 213, Eff. Jan. 1, 1983
MI Comp L § 449.1503 (2021)
2021 Michigan Compiled Laws|Chapter 449 - Partnerships|Act 213 of 1982 - Michigan Revised Uniform Limited Partnership Act (449.1101 - 449.2108)|Article 5 - (449.1501...449.1504)|Section 449.1503 - Allocation of Profits and Losses Among Partners; Determining Value of Contributions.

449.1503 Allocation of profits and losses among partners; determining value of contributions. Sec. 503.  The profits and losses of a limited partnership shall be allocated among the partners, and among classes of partners, in the manner provided in the partnership agreement. If the partnership agreement does not provide for an allocation, profits and losses shall be allocated on the basis of the value of the contributions made by each partner to the extent they have been received by the partnership and have not been returned. For purposes of this section, the value of the contributions made by each limited partner shall be as stated in the certificate of limited partnership, and the value of the contributions made by each general partner shall be as stated in the partnership agreement, and if the partnership agreement does not so state, the value of the contributions made by each general partner shall be as stated in the books and records of the partnership or determined by any other reasonable method. History: 1982, Act 213, Eff. Jan. 1, 1983
MI Comp L § 449.1504 (2021)
2021 Michigan Compiled Laws|Chapter 449 - Partnerships|Act 213 of 1982 - Michigan Revised Uniform Limited Partnership Act (449.1101 - 449.2108)|Article 5 - (449.1501...449.1504)|Section 449.1504 - Allocation of Cash and Other Assets Among Partners; Determining Value of Contributions.

449.1504 Allocation of cash and other assets among partners; determining value of contributions. Sec. 504.  Distributions of cash or other assets of a limited partnership shall be allocated among the partners, and among classes of partners, in the manner provided in the partnership agreement. If the partnership agreement does not provide for an allocation, distributions shall be made on the basis of the value of the contributions made by each partner to the extent the contributions have been received by the partnership and have not been returned. For purposes of this section, the value of the contributions made by each limited partner shall be as stated in the certificate of limited partnership, and the value of the contributions made by each general partner shall be as stated in the partnership agreement, and if the partnership agreement does not so state, the value of the contributions made by each general partner shall be as stated in the books and records of the partnership or determined by any other reasonable method. History: 1982, Act 213, Eff. Jan. 1, 1983
MI Comp L § 449.1601 (2021)
2021 Michigan Compiled Laws|Chapter 449 - Partnerships|Act 213 of 1982 - Michigan Revised Uniform Limited Partnership Act (449.1101 - 449.2108)|Article 6 - (449.1601...449.1608)|Section 449.1601 - Right of Partner to Receive Distributions Before Partner's Withdrawal From Partnership and Before Dissolution and Winding Up of Partnership.

449.1601 Right of partner to receive distributions before partner's withdrawal from partnership and before dissolution and winding up of partnership. Sec. 601.  Except as provided in this article, a partner is entitled to receive distributions from a limited partnership before the partner's withdrawal from the limited partnership and before the dissolution and winding up of the limited partnership:  (1) To the extent and at the times or upon the happening of the events specified in the partnership agreement.  (2) If any distribution to a limited partner constitutes a return of any part of the limited partner's contribution under section 608(c), to the extent and at the times or upon the happening of the events specified in the certificate of limited partnership. History: 1982, Act 213, Eff. Jan. 1, 1983
MI Comp L § 449.1602 (2021)
2021 Michigan Compiled Laws|Chapter 449 - Partnerships|Act 213 of 1982 - Michigan Revised Uniform Limited Partnership Act (449.1101 - 449.2108)|Article 6 - (449.1601...449.1608)|Section 449.1602 - Right of General Partner to Withdraw; Recovery by Limited Partner for Breach of Partnership Agreement.

449.1602 Right of general partner to withdraw; recovery by limited partner for breach of partnership agreement. Sec. 602.  A general partner may withdraw from a limited partnership at any time by giving written notice to the other partners, but if the withdrawal violates the partnership agreement, the limited partnership may recover from the withdrawing general partner damages for breach of the partnership agreement and offset the damages against the amount otherwise distributable to the withdrawing general partner. History: 1982, Act 213, Eff. Jan. 1, 1983
MI Comp L § 449.1603 (2021)
2021 Michigan Compiled Laws|Chapter 449 - Partnerships|Act 213 of 1982 - Michigan Revised Uniform Limited Partnership Act (449.1101 - 449.2108)|Article 6 - (449.1601...449.1608)|Section 449.1603 - Right of Limited Partner to Withdraw.

449.1603 Right of limited partner to withdraw. Sec. 603.  A limited partner may withdraw from a limited partnership at the time or upon the happening of events specified in the certificate of limited partnership, but not before, and in accordance with the partnership agreement. If the certificate does not specify the time or the events upon the happening of which a limited partner may withdraw but does specify a definite time for the dissolution and winding up of the limited partnership, a limited partner may not withdraw prior to the dissolution and winding up of the limited partnership. If the certificate does not specify the time or the events upon the happening of which a limited partner may withdraw or a definite time for the dissolution and winding up of the limited partnership, a limited partner may withdraw upon not less than 6 months' prior written notice to each general partner at his or her address on the books of the limited partnership at its office in this state. History: 1982, Act 213, Eff. Jan. 1, 1983
MI Comp L § 449.1604 (2021)
2021 Michigan Compiled Laws|Chapter 449 - Partnerships|Act 213 of 1982 - Michigan Revised Uniform Limited Partnership Act (449.1101 - 449.2108)|Article 6 - (449.1601...449.1608)|Section 449.1604 - Right of Withdrawing Partner to Receive Distribution and Fair Value of Partnership Interest.

449.1604 Right of withdrawing partner to receive distribution and fair value of partnership interest. Sec. 604.  Except as provided in this article, upon withdrawal any withdrawing partner is entitled to receive any distribution to which he or she is entitled under the partnership agreement and, if not otherwise provided in the agreement, the withdrawing partner is entitled to receive, within a reasonable time after withdrawal, the fair value of his or her interest in the limited partnership as of the date of withdrawal, based upon the withdrawing partner's right to share in distributions from the limited partnership. History: 1982, Act 213, Eff. Jan. 1, 1983
MI Comp L § 449.1605 (2021)
2021 Michigan Compiled Laws|Chapter 449 - Partnerships|Act 213 of 1982 - Michigan Revised Uniform Limited Partnership Act (449.1101 - 449.2108)|Article 6 - (449.1601...449.1608)|Section 449.1605 - Distribution in Cash or in Kind.

449.1605 Distribution in cash or in kind. Sec. 605.  Except as provided in the certificate of limited partnership, a limited partner, and except as provided in the partnership agreement, a general partner, regardless of the nature of the partner's contribution, has no right to demand and receive any distribution from a limited partnership in any form other than cash. Except as provided in the partnership agreement, a partner may not be compelled to accept a distribution of any asset in kind from a limited partnership to the extent that the percentage of the asset distributed to him or her exceeds a percentage of that asset which is equal to the percentage in which the partner shares in distributions from the limited partnership. History: 1982, Act 213, Eff. Jan. 1, 1983
MI Comp L § 449.1606 (2021)
2021 Michigan Compiled Laws|Chapter 449 - Partnerships|Act 213 of 1982 - Michigan Revised Uniform Limited Partnership Act (449.1101 - 449.2108)|Article 6 - (449.1601...449.1608)|Section 449.1606 - Status and Remedies of Partner as Creditor With Respect to Distribution.

449.1606 Status and remedies of partner as creditor with respect to distribution. Sec. 606.  At the time a partner becomes entitled to receive a distribution, the partner has the status of, and is entitled to all remedies available to, a creditor of the limited partnership with respect to the distribution. History: 1982, Act 213, Eff. Jan. 1, 1983
MI Comp L § 449.1607 (2021)
2021 Michigan Compiled Laws|Chapter 449 - Partnerships|Act 213 of 1982 - Michigan Revised Uniform Limited Partnership Act (449.1101 - 449.2108)|Article 6 - (449.1601...449.1608)|Section 449.1607 - Distribution; Limitation.

449.1607 Distribution; limitation. Sec. 607.  A partner may not receive a distribution from a limited partnership to the extent that, after giving effect to the distribution, all liabilities of the limited partnership, other than liabilities to partners on account of their partnership interests, exceed the fair value of the partnership assets. History: 1982, Act 213, Eff. Jan. 1, 1983
MI Comp L § 449.1608 (2021)
2021 Michigan Compiled Laws|Chapter 449 - Partnerships|Act 213 of 1982 - Michigan Revised Uniform Limited Partnership Act (449.1101 - 449.2108)|Article 6 - (449.1601...449.1608)|Section 449.1608 - Limited Partner; Liability Following Return of Contribution.

449.1608 Limited partner; liability following return of contribution. Sec. 608.  (a) If a limited partner has received the return of any part of his or her contribution without violation of the partnership agreement or this act, he or she is liable to the limited partnership for a period of 1 year thereafter for the amount of the returned contribution, but only to the extent necessary to discharge the limited partnership's liabilities to creditors who extended credit to the limited partnership during the period the contribution was held by the partnership.  (b) If a limited partner has received the return of any part of his or her contribution in violation of the partnership agreement or this act, he or she is liable to the limited partnership for a period of 6 years thereafter for the amount of the contribution wrongfully returned.  (c) A limited partner receives a return of his or her contribution to the extent that a distribution to the limited partner reduces his or her share of the fair value of the net assets of the limited partnership below the value, as set forth in the certificate of limited partnership, of the limited partner's contribution which has not been distributed to the limited partner. History: 1982, Act 213, Eff. Jan. 1, 1983
MI Comp L § 449.1701 (2021)
2021 Michigan Compiled Laws|Chapter 449 - Partnerships|Act 213 of 1982 - Michigan Revised Uniform Limited Partnership Act (449.1101 - 449.2108)|Article 7 - (449.1701...449.1705)|Section 449.1701 - Partnership Interest as Personal Property.

449.1701 Partnership interest as personal property. Sec. 701.  A partnership interest is personal property. History: 1982, Act 213, Eff. Jan. 1, 1983
MI Comp L § 449.1702 (2021)
2021 Michigan Compiled Laws|Chapter 449 - Partnerships|Act 213 of 1982 - Michigan Revised Uniform Limited Partnership Act (449.1101 - 449.2108)|Article 7 - (449.1701...449.1705)|Section 449.1702 - Partnership Interest; Assignment; Effect.

449.1702 Partnership interest; assignment; effect. Sec. 702.  Except as provided in the partnership agreement: (i) a partnership interest is assignable in whole or in part; (ii) an assignment of a partnership interest does not dissolve a limited partnership or entitle the assignee to become or to exercise any rights of a partner; (iii) an assignment entitles the assignee to receive, to the extent assigned, only the distribution to which the assignor would be entitled. History: 1982, Act 213, Eff. Jan. 1, 1983
MI Comp L § 449.1703 (2021)
2021 Michigan Compiled Laws|Chapter 449 - Partnerships|Act 213 of 1982 - Michigan Revised Uniform Limited Partnership Act (449.1101 - 449.2108)|Article 7 - (449.1701...449.1705)|Section 449.1703 - Charging Partnership Interest With Payment of Unsatisfied Amount of Judgment; Rights of Judgment Creditor; Exemptions.

449.1703 Charging partnership interest with payment of unsatisfied amount of judgment; rights of judgment creditor; exemptions. Sec. 703.  Upon application to a court of competent jurisdiction by any judgment creditor of a partner, the court may charge the partnership interest of the partner with payment of the unsatisfied amount of the judgment with interest. To the extent so charged, the judgment creditor has only the rights of an assignee of the partnership interest. This act does not deprive any partner of the benefit of any exemptions provided by law applicable to his or her partnership interest. History: 1982, Act 213, Eff. Jan. 1, 1983
MI Comp L § 449.1704 (2021)
2021 Michigan Compiled Laws|Chapter 449 - Partnerships|Act 213 of 1982 - Michigan Revised Uniform Limited Partnership Act (449.1101 - 449.2108)|Article 7 - (449.1701...449.1705)|Section 449.1704 - Assignee; Right to Become Limited Partner; Rights, Powers, Restrictions, and Liabilities of Assignee Who Becomes Limited Partner.

449.1704 Assignee; right to become limited partner; rights, powers, restrictions, and liabilities of assignee who becomes limited partner. Sec. 704.  (a) An assignee of a partnership interest, including an assignee of a general partner, may become a limited partner if and to the extent that (1) the assignor gives the assignee that right in accordance with authority described in the certificate of limited partnership, or (2) all other partners consent.  (b) An assignee who has become a limited partner has, to the extent assigned, the rights and powers, and is subject to the restrictions and liabilities, of a limited partner under the partnership agreement and this act. An assignee who becomes a limited partner also is liable for the obligations of the assignor to make and return contributions as provided in article 6. However, the assignee is not obligated for liabilities unknown to the assignee at the time the assignee became a limited partner and which could not be ascertained from the certificate of limited partnership.  (c) If an assignee of a partnership interest becomes a limited partner, the assignor is not released from his or her liability to the limited partnership under sections 207 and 502. History: 1982, Act 213, Eff. Jan. 1, 1983