805 ILCS 215/303: No liability as limited partner for limited partnership obligation.
Where this section sits in the code
- CHAPTER 805 BUSINESS ORGANIZATIONS
- Uniform Limited Partnership Act (2001).
An obligation of a limited partnership, whether arising in contract, tort, or otherwise, is not the obligation of a limited partner. A limited partner is not personally liable, directly or indirectly, by way of contribution or otherwise, for an obligation of the limited partnership solely by reason of being a limited partner, even if the limited partner participates in the management and control of the limited partnership.
Collected 2026-09-15T04:46:47Z. Source file · JSON