(1) Each limited partner has the right, subject to such reasonable standards as may be set forth in the partnership agreement or otherwise established by the general partners, to obtain from the general partners from time to time and upon reasonable demand for any purpose reasonably related to the limited partner's interest as a limited partner, all of the following:
(a) True and full information regarding the status of the business and the financial condition of the limited partnership;
(b) Promptly after becoming available, a copy of the limited partnership's federal, state, and local income tax returns for each year;
(c) A current list of the name and last known business, residence, or mailing address of each partner;
(d) A copy of any written partnership agreement and certificate of limited partnership and all amendments to the agreement and certificate, together with executed copies of any written powers of attorney pursuant to which the partnership agreement and any certificate and all amendments to it have been executed;
(e) True and full information regarding the amount of cash and a description and statement of the agreed value of any other property or services contributed by each partner and which each partner has agreed to contribute in the future, and the date on which each partner became a partner;
(f) Other information regarding the affairs of the limited partnership as is just and reasonable.
(2) The reasonable standards referred to in division (A)(1) of this section may include standards governing the type and nature of information and documents that are to be furnished, the time and location at which they are to be furnished, and the person who is to pay the expense of furnishing them.
(B) Unless otherwise provided in the partnership agreement, a general partner shall have the right to keep confidential from limited partners, for the period of time that the general partner considers reasonable, any information that the general partner reasonably believes to be in the nature of trade secrets or any other information the disclosure of which the general partner in good faith believes is not in the best interest of the limited partnership or could damage the limited partnership or its business or which the limited partnership is required by law or by agreement with a third party to keep confidential.
(C) A limited partnership may maintain its records in a form other than a written form if the form used is capable of conversion, within a reasonable time, into written form.
(D) A general partner may require that any demand under this section be in writing and state its purpose.
(E) In complying with this section, the general partners may elect to do either or both of the following:
(1) Provide a limited partner with the right to examine documents in person or by agent or attorney and to make copies or extracts of the documents;
(2) Provide to a limited partner true and accurate copies of documents responsive to the demand.
Effective Date: 07-01-1994Section: Previous 1782.14 1782.15 1782.16 1782.17 1782.18 1782.19 1782.20 1782.21 1782.22 1782.23 1782.24 1782.241 1782.242 1782.25 1782.26 Next
Last modified: October 10, 2016