(1) This article governs only a partnership formed:
(a) After January 1, 1998, unless that partnership is continuing the business of a partnership that has dissolved under section 7-60-141; and
(b) Before January 1, 1998, that elects, as provided by subsection (2) of this section, to be governed by this article.
(2) A partnership voluntarily may elect, in the manner provided in its partnership agreement or by law for amending the partnership agreement, to be governed by this article. The provisions of this article relating to the liability of the partnership's partners to third parties apply to limit those partners' liability to a third party who had done business with the partnership within one year preceding the partnership's election to be governed by this article, only if the third party has notice of the partnership's election to be governed by this article.
Source: L. 97: Entire article added, p. 915, § 1, effective January 1, 1998.
ANNOTATION
Law reviews. For article, "Entity and Trade Name Filing Requirements and Customs in Colorado — Part I", see 41 Colo. Law. 57 (Nov. 2012). For article, "Entity and Trade Name Filing Requirements and Customs in Colorado — Part II", see 41 Colo. Law. 25 (Dec. 2012).
A dispute involving a partnership formed before 1998 is governed by the Uniform Partnership Law, article 60 of title 7. Adams v. Land Servs., Inc., 194 P.3d 429 (Colo. App. 2008).