§ 8523. Liability of limited partners to third parties.
(a) General rule.--A limited partner is not liable, solely by reason of being a limited partner, under an order of a court or in any other manner, for a debt, obligation or liability of the limited partnership of any kind or for the acts of any partner, agent or employee of the limited partnership.
(b) (Repealed).
(c) (Repealed).
(d) Use of name of limited partner.--A limited partner does not become liable for the obligations of a limited partnership by reason of the fact that all or any part of the name of the limited partner is included in the name of the limited partnership.
(e) (Repealed).
(f) Professional relationship unaffected.--Subsection (a) shall not afford limited partners of a limited partnership providing professional services with greater immunity than is available to the officers, shareholders, employees or agents of a professional corporation. See section 2925 (relating to professional relationship retained).
(g) Disciplinary jurisdiction unaffected.--A limited partnership providing professional services shall be subject to the applicable rules and regulations adopted by, and all the disciplinary powers of, the court, department, board, commission or other government unit regulating the profession in which the limited partnership is engaged. The court, department, board or other government unit may require that a limited partnership include in its certificate of limited partnership provisions that conform to any rule or regulation heretofore or hereafter promulgated for the purpose of enforcing the ethics of a profession. This chapter shall not affect or impair the disciplinary powers of the court, department, board, commission or other government unit over licensed persons or any law, rule or regulation pertaining to the standards for professional conduct of licensed persons or to the professional relationship between any licensed person rendering professional services and the person receiving professional services.
(Dec. 7, 1994, P.L.703, No.106, eff. 60 days; June 22, 2001, P.L.418, No.34, eff. 60 days)
2001 Amendment. Act 34 amended subsecs. (a) and (d) and repealed subsecs. (b), (c) and (e).
1994 Amendment. Act 106 added subsecs. (f) and (g).
Cross References. Section 8523 is referred to in sections 8522, 8557 of this title.
Section: Previous 8516 8517 8518 8519 8520 8521 8522 8523 8524 8525 8531 8532 8533 8534 8535 NextLast modified: October 8, 2016