Applicability of article; renewal of existing partnerships restricted

(a) This article is applicable only to limited partnerships which were in existence on February 15, 1952, and which have not become limited 1084 14-9A-111 partnerships subject to Article 1 of this chapter or Chapter 9 of this title. (b) No limited partnership continuing existence under this article shall be renewed pursuant to this article unless such renewal is provided for in the original agreement. (c) Except as otherwise provided in this Code section, this article shall have no force or effect after February 15, 1952, and no limited partnership shall be formed pursuant to this article after said date. (Code 1981, § 14-9-110; Code 1981, § 14-9A-110, as redesignated by Ga. L. 1988, p. 1016, § 1; Ga. L. 1988, p. 1016, § 3.) 14-9A-111. Who may form limited partnership; purposes; liability of general and special partners. (a) A limited partnership may be formed by two or more persons upon the terms, with the rights and powers, and subject to the conditions and liabilities prescribed in this article for the purpose of transacting any mercantile, commercial, mechanical, manufacturing, mining, or agricultural business within this state; but this article shall not be construed to authorize the formation of any such partnership for the purposes of banking or insurance. (b) Of the two or more persons forming a limited partnership, one or more shall be general partners who shall be jointly and severally liable for the debts of the partnership; and one or more persons shall be special partners who shall contribute a specific sum in actual cash as capital to the common stock and who shall not be liable for debts of the partnership beyond the fund so contributed by him or them to the capital, except as provided in this article. (Laws 1837, Cobb’s 1851 Digest, p. 585; Code 1863, §§ 1922, 1923; Code 1868, §§ 1910, 1911; Code 1873, §§ 1920, 1921; Code 1882, §§ 1920, 1921; Civil Code 1895, §§ 2662, 2663; Civil Code 1910, §§ 3191, 3192; Code 1933, §§ 75-401, 75-402; Code 1981, § 14-9-111; Code 1981, § 14-9A-111, as redesignated by Ga. L. 1988, p. 1016, § 1.)