{"data":{"id":"us-ky/krs-362.1-974","jurisdiction":"us-ky","citation":"KRS 362.1-974","heading":"Effective Date -- Applicability.","body":"(1) This subchapter governs only a partnership:\n(a) Formed on or after July 12, 2006, except a partnership that is continuing the\nbusiness of a dissolved partnership under KRS 362.350; and\n(b) Formed prior to July 12, 2006, that elects, as provided by subsecti on (2) of\nthis section, to be governed by this subchapter.\n(2) A partnership formed prior to July 12, 2006, voluntarily may elect, in the manner\nprovided in its partnership agreement or by law for amending the partnership\nagreement, to be governed by this subchapter. The filing by the partnership of a\nstatement pursuant to this subchapter shall constitute an election to be bound by this\nsubchapter. The provisions of this subchapter relating to the liability of the\npartnership's partners to third parties apply to limit those partners' liability to a third\nparty who has engaged in business with the partnership within one (1) year before\nthe partnership's election to be governed by this subchapter only if the third party\nhas notice of the partnership's election to be governed by this subchapter.","path":[],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=41494","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:58:57Z","sha256":"54a2a3ba8b52264fd654424f018c697132fe00969169c8d95fd758e6dbfc8e1f","source_id":"us-ky","stale":false,"prev":"us-ky/krs-362.1-973","next":"us-ky/krs-362.1-975"},"notice":"GroundRules: Original legal text. Not legal advice."}