Right of Limited Partner to Withdraw - Mich. Comp. Laws Section 449.1603
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Michigan Laws > Partnerships > Right of Limited Partner to Withdraw - Mich. Comp. Laws Section 449.1603
449.1603 Right of limited partner to withdraw.
Sec. 603.
A limited partner may withdraw from a limited partnership at the time or upon the happening of events specified in the certificate of limited partnership, but not before, and in accordance with the partnership agreement. If the certificate does not specify the time or the events upon the happening of which a limited partner may withdraw but does specify a definite time for the dissolution and winding up of the limited partnership, a limited partner may not withdraw prior to the dissolution and winding up of the limited partnership. If the certificate does not specify the time or the events upon the happening of which a limited partner may withdraw or a definite time for the dissolution and winding up of the limited partnership, a limited partner may withdraw upon not less than 6 months' prior written notice to each general partner at his or her address on the books of the limited partnership at its office in this state.
History: 1982, Act 213, Eff. Jan. 1, 1983
Section: 449.1405 449.1501 449.1502 449.1503 449.1504 449.1601 449.1602 449.1603 449.1604 449.1605 449.1606 449.1607 449.1608 449.1701 449.1702
Last modified: March 17, 2013
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