179.0108(9)(a) (a) A description and statement of the agreed value of contributions other than money made and agreed to be made by each partner.

179.0108(9)(b) (b) The times at which, or events upon the occurrence of which, any additional contributions agreed to be made by each partner are to be made.

179.0108(9)(c) (c) For any person that is both a general partner and a limited partner, a specification of what transferable interest the person owns in each capacity.

179.0108(9)(d) (d) Any events upon the occurrence of which the partnership is to be dissolved and its activities and affairs wound up.

179.0108 History History: 2021 a. 258.

179.0109 179.0109 Dual capacity. A person may be both a general partner and a limited partner. A person that is both a general and limited partner has the rights, powers, duties, and obligations provided by this chapter and the partnership agreement in each of those capacities. When the person acts as a general partner, the person is subject to the obligations, duties, and restrictions under this chapter and the partnership agreement for general partners. When the person acts as a limited partner, the person is subject to the obligations, duties, and restrictions under this chapter and the partnership agreement for limited partners.

179.0109 History History: 2021 a. 258.

179.0110 179.0110 Nature, purpose, and duration of limited partnership.

179.0110(1) (1) A limited partnership is an entity distinct from its partners. A limited partnership is the same entity regardless of whether its certificate states that the limited partnership is a limited liability limited partnership.

179.0110(2) (2) A limited partnership may have any lawful purpose, regardless of whether for profit.

179.0110(3) (3) A limited partnership has perpetual duration.

179.0110 History History: 2021 a. 258.

179.0111 179.0111 Powers. A limited partnership has the capacity to sue and be sued in its own name and the power to do all things necessary or convenient to carry on its activities and affairs.

179.0111 History History: 2021 a. 258.

179.0112 179.0112 Applicability.

179.0112(1) (1) This chapter applies to a limited partnership formed on or after January 1, 2023.

179.0112(2) (2) On January 1, 2023, this chapter applies to a limited partnership formed before January 1, 2023, except as follows:

179.0112(2)(a) (a) If a limited partnership elects, in a manner allowed by law for amending the partnership agreement, to be subject to this chapter as of any date between April 17, 2022, and January 1, 2023, and files with the department a statement of applicability to that effect, this chapter applies to the limited partnership as of the date that the statement of applicability is effective under s. 179.0207.

179.0112(2)(b) (b) If a limited partnership elects, in a manner allowed by law for amending the partnership agreement, to continue to be subject to ch. 179, 2019 stats., and ch. 178, 2013 stats., to the extent not inconsistent with ch. 179, 2019 stats., and files with the department a statement of nonapplicability to that effect prior to January 1, 2023, the limited partnership shall not be subject to this chapter, except for requirements relating to filing or obtaining copies of records with the department, receiving or responding to notices from the department, and complying with administrative rules promulgated under this chapter. The limited partnership shall instead be and remain subject to ch. 179, 2019 stats., and ch. 178, 2013 stats., to the extent not inconsistent with ch. 179, 2019 stats. Thereafter, if the partnership elects, in such manner, to be subject to this chapter as of any subsequent date and files with the department a statement of applicability to that effect, this chapter applies to the limited partnership as of the date that the statement of applicability is effective under s. 179.0207.

179.0112(2)(c) (c) Any statement of applicability to be subject to this chapter pursuant to a valid election by the limited partnership shall be irrevocable upon such filing.

179.0112(2)(d) (d) Upon this chapter becoming applicable with respect to a limited partnership, all of the following apply:

179.0112(2)(d)1. 1. This chapter shall not, and the corresponding provisions of ch. 179, 2019 stats., shall, be applicable with respect to obligations incurred by the limited partnership prior to such applicability.

179.0112(2)(d)2. 2. Any provisions of a partnership agreement that were valid and in effect immediately prior to this chapter becoming applicable with respect to the limited partnership shall continue to be valid and applicable to the extent allowed under prior law.

179.0112 History History: 2021 a. 258.

179.0113 179.0113 Supplemental principles of law. Unless displaced by particular provisions of this chapter, the principles of law and equity supplement this chapter.

179.0113 History History: 2021 a. 258.

179.0114 179.0114 Permitted names.

179.0114(1) (1) The name of a limited partnership may contain the name of any partner.

179.0114(2) (2) The name of a limited partnership that is not a limited liability limited partnership must contain the words “limited partnership,” or a variation of these words that differs only with respect to the capitalization of letters, or the abbreviation “LP” or a variation of this abbreviation that differs only with respect to capitalization of letters or punctuation, and may not contain the phrase “limited liability limited partnership,” or a variation of these words that differs only with respect to the capitalization of letters, or the abbreviation “LLLP” or a variation of this abbreviation that differs only with respect to capitalization of letters or punctuation.