2023 Iowa Code › Title XII - BUSINESS ENTITIES › Chapter 488 - UNIFORM LIMITED PARTNERSHIP ACT › Section 488.1204 - Application to existing relationships.

488.1204 Application to existing relationships.
1. Before January 1, 2006, this chapter governs only the following:
a. A limited partnership formed on or after January 1, 2005.
b. Except as otherwise provided in subsections 3 and 4, a limited partnership formed before January 1, 2005, that elects, in the manner provided in its partnership agreement or by law for amending the partnership agreement, to be subject to this chapter.
2. Except as otherwise provided in subsection 3, on and after January 1, 2006, this chapter governs all limited partnerships.
3. With respect to a limited partnership formed before January 1, 2005, the following rules apply except as the partners otherwise elect in the manner provided in the partnership agreement or by law for amending the partnership agreement:
a. Section 488.104, subsection 3, does not apply and the limited partnership has whatever duration it had under the law applicable immediately before January 1, 2005.
b. The limited partnership is not required to amend its certificate of limited partnership to comply with section 488.201, subsection 1, paragraph “d”.
c. Sections 488.505, 488.601, and 488.602 do not apply, and a limited partner has the same right and power to dissociate from the limited partnership, with the same consequences, as existed immediately before January 1, 2005.
d. Section 488.603, subsection 4, does not apply.
e. Section 488.603, subsection 5, does not apply, and a court has the same power to expel a general partner as the court had immediately before January 1, 2005.
f. Section 488.801, subsection 3, does not apply and the connection between a person’s dissociation as a general partner and the dissolution of the limited partnership is the same as existed immediately before January 1, 2005.
g. If a limited partnership elected under prior law to become a limited liability limited partnership by filing a statement of qualification with the secretary of state, the statement of qualification is deemed to be an amendment to the certificate of limited partnership in compliance with section 488.201, subsection 1, paragraph “d”, and the limited liability limited partnership automatically is a limited liability limited partnership under this chapter.
4. With respect to a limited partnership that elects pursuant to subsection 1, paragraph “b”, to be subject to this chapter, after the election takes effect, the provisions of this chapter relating to the liability of the limited partnership’s general partners to third parties apply according to the following:
a. Before January 1, 2006, to all of the following:
(1) A third party that had not done business with the limited partnership in the year before the election took effect.
(2) A third party that had done business with the limited partnership in the year before the election took effect only if the third party knows or has received a notification of the election.
b. On and after January 1, 2006, to all third parties, but those provisions remain inapplicable to any obligation incurred while those provisions were inapplicable under paragraph “a”, subparagraph (2).
c. Notwithstanding the foregoing provisions of this subsection, if a preexisting limited liability limited partnership elects to be subject to this chapter prior to January 1, 2006, this chapter’s provisions relating to the liability of general partners to third parties apply immediately to all third parties, regardless of whether a third party has previously done business with the limited liability limited partnership.
2004 Acts, ch 1021, §105, 118
Referred to in §488.102