Hawaii Revised Statutes 425e-404 General Partner's Liability.

[§425E-404] General partner's liability. (a) Except as otherwise provided in subsections (b) and (c), all general partners are liable jointly and severally for all obligations of the limited partnership unless otherwise agreed by the claimant or provided by law.

(b) A person that becomes a general partner of an existing limited partnership shall not be personally liable for an obligation of a limited partnership incurred before the person became a general partner.

(c) An obligation of a limited partnership incurred while the limited partnership is a limited liability limited partnership, whether arising in contract, tort, or otherwise, is solely the obligation of the limited partnership. A general partner shall not be personally liable, directly or indirectly, by way of contribution or otherwise, for such an obligation solely by reason of being or acting as a general partner. This subsection applies despite anything inconsistent in the partnership agreement that existed immediately before the consent required to become a limited liability limited partnership under section 425E-406(b)(2). [L 2003, c 210, pt of §1]

Section: Previous  425e-303  425e-304  425e-305  425e-306  425e-401  425e-402  425e-403  425e-404  425e-405  425e-406  425e-407  425e-408  425e-501  425e-502  425e-503  Next

Last modified: October 27, 2016