SB810,100,1 (d) As provided in s. 179.0801 (1) (d) or (e).

SB810,100,2 (3) A person may become a limited partner without doing any of the following:

SB810,100,3 (a) Acquiring a transferable interest.

SB810,100,5 (b) Making or being obligated to make a contribution to the limited partnership.

SB810,100,8 179.0302 No agency power of limited partner as limited partner. (1) A limited partner is not an agent of a limited partnership solely by reason of being a limited partner.

SB810,100,11 (2) A person's status as a limited partner does not prevent or restrict law other than this chapter from imposing liability on a limited partnership because of the person's conduct.

SB810,100,19 179.0303 No liability as limited partner for limited partnership obligations. (1) A debt, obligation, or other liability of a limited partnership is not the debt, obligation, or other liability of a limited partner. A limited partner is not personally liable, directly or indirectly, by way of contribution or otherwise, for a debt, obligation, or other liability of the partnership solely by reason of being or acting as a limited partner, even if the limited partner participates in the management and control of the limited partnership. This subsection applies regardless of the dissolution of the partnership.

SB810,100,23 (2) The failure of a limited partnership to observe formalities relating to the exercise of its powers or management of its activities and affairs is not a ground for imposing liability on a limited partner for a debt, obligation, or other liability of the partnership.

SB810,101,4 179.0304 Rights to information of limited partner and person dissociated as limited partner. (1) On 10 days' demand made in a record received by the limited partnership, a limited partner may inspect and copy required information during regular business hours in the limited partnership's principal office. The limited partner need not have any particular purpose for seeking the information.

SB810,101,8 (2) During regular business hours and at a reasonable location specified by the limited partnership, a limited partner may inspect and copy information regarding the activities and affairs, financial condition, and other circumstances of the limited partnership as is just and reasonable if all of the following apply:

SB810,101,10 (a) The limited partner seeks the information for a purpose reasonably related to the partner's interest as a limited partner.

SB810,101,13 (b) The limited partner makes a demand in a record received by the limited partnership, describing with reasonable particularity the information sought and the purpose for seeking the information.

SB810,101,15 (c) The information sought is directly connected to the limited partner's purpose.

SB810,101,18 (3) Not later than 10 days after receiving a demand pursuant to sub. (2), the limited partnership shall inform, in a record, the limited partner that made the demand of all of the following:

SB810,101,20 (a) What information the partnership will provide in response to the demand and when and where the partnership will provide the information.

SB810,101,22 (b) The partnership's reasons for declining, if the partnership declines to provide any demanded information.

SB810,102,2 (4) Whenever this chapter or a partnership agreement provides for a limited partner to vote on or give or withhold consent to a matter, before the vote is cast or consent is given or withheld, the limited partnership shall, without demand, provide the limited partner with all information that is known to the partnership and that is material to the limited partner's decision.

SB810,102,5 (5) On 10 days' demand made in a record received by a limited partnership, a person dissociated as a limited partner may have access to information to which the person was entitled while a limited partner if all of the following apply:

SB810,102,7 (a) The information pertains to the period during which the person was a limited partner.

SB810,102,8 (b) The person seeks the information in good faith.

SB810,102,10 (c) The person satisfies the requirements imposed on a limited partner by sub. (2).

SB810,102,12 (6) A limited partnership shall respond to a demand made pursuant to sub. (5) in the manner provided in sub. (3).

SB810,102,14 (7) A limited partnership may charge a person that makes a demand under this section reasonable costs of copying, limited to the costs of labor and material.

SB810,102,19 (8) A limited partner or person dissociated as a limited partner may exercise the rights under this section through an agent or, in the case of an individual under legal disability, a legal representative. Any restriction or condition imposed by the partnership agreement or under sub. (10) applies both to the agent or legal representative and to the limited partner or person dissociated as a limited partner.

SB810,102,21 (9) Subject to s. 179.0704, the rights under this section do not extend to a person as transferee.

SB810,103,3 (10) In addition to any restriction or condition stated in its partnership agreement, a limited partnership, as a matter within the ordinary course of its activities and affairs, may impose reasonable restrictions and conditions on access to and use of information to be furnished under this section, including designating information confidential and imposing nondisclosure and safeguarding obligations on the recipient. In a dispute concerning the reasonableness of a restriction under this subsection, the partnership has the burden of proving reasonableness.

SB810,103,7 179.0305 Limited duties of limited partners. (1) A limited partner shall discharge any duties to the partnership and the other partners under the partnership agreement and exercise any rights under this chapter or the partnership agreement consistently with the contractual obligation of good faith and fair dealing.

SB810,103,10 (2) Except as otherwise provided in sub. (1), a limited partner does not have any duty to the limited partnership or to any other partner solely by reason of acting as a limited partner.

SB810,103,13 (3) If a limited partner enters into a transaction with the limited partnership, the limited partner's rights and obligations arising from the transaction are the same as those of a person that is not a partner.