620.1605 Effect of dissociation as general partner.—
(1) Upon a person’s dissociation as a general partner:
(a) The person’s right to participate as a general partner in the management and conduct of the partnership’s activities terminates.
(b) The person’s duty of loyalty as a general partner under s. 620.1408(2)(c) terminates.
(c) The person’s duty of loyalty as a general partner under s. 620.1408(2)(a) and (b) and duty of care under s. 620.1408(3) continue only with regard to matters arising and events occurring before the person’s dissociation as a general partner.
(2) The person may sign and deliver to the Department of State for filing a statement of dissociation pertaining to the person and, at the request of the limited partnership, shall sign an amendment to the certificate of limited partnership which states that the person has dissociated.
(3) Subject to s. 620.1704 and ss. 620.2101-620.2125, any transferable interest owned by the person immediately before dissociation in the person’s capacity as a general partner is owned by the person as a mere transferee.
(4) A person’s dissociation as a general partner does not of itself discharge the person from any obligation to the limited partnership or the other partners which the person incurred while a general partner.
History.—s. 17, ch. 2005-267.
Section: Previous 620.1507 620.1508 620.1509 620.1601 620.1602 620.1603 620.1604 620.1605 620.1606 620.1607 620.1701 620.1702 620.1703 620.1704 620.1801 NextLast modified: September 23, 2016