Title 18 — Business Structure and Function
60 chapters · 1,419 sections in this title.
18 GCA § 27101 Limited Partnership Defined
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A limited partnership is a partnership formed by two or more persons under the provisions of § 27201, having as members one or more general partners and one or more limited partners. The limited partners as such shall not be bound by the obligations of the partnership. SOURCE: CC…
18 GCA § 27201 Formation
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(1) Two or more persons desiring to form a limited partnership shall: (a) Sign and swear to a certificate, which shall state -- i. The name of the partnership. ii. The character of the business. iii. The location of the principal place of the business. COL120106 iv. The name and …
18 GCA § 27301 Business which may be Carried on
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A limited partnership may carry on any business which a partnership without limited partners may carry on, except banking and insurance. SOURCE: CC § 2479.
18 GCA § 27302 Character of Limited Partner's Contribution
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The contribution of a limited partner may be cash or other property, but not services. COL120106 SOURCE: CC § 2480.
18 GCA § 27303 A Name not to Contain Surname of Limited Partner;
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Exceptions. (1) The surname of a limited partner shall not appear in the partnership name, unless: (a) It is also the surname of a general partner, or (b) Prior to the time when the limited partner became such the business had been carried on under a name in which his surname app…
18 GCA § 27304 Liability for False Statements in Certificate
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If the certificate contains a false statement, one who suffers loss by reliance on such statement may hold liable any party to the certificate who knew the statement to be false: (a) At the time he signed the certificate or (b) Subsequently, but within a sufficient time before th…
18 GCA § 27305 Limited Partner is not Liable to Creditors
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A limited partner shall not become liable as a general partner unless, in addition to the exercise of his rights and powers as a limited partner, he takes a part in the control of the business. SOURCE: CC § 2483.
18 GCA § 27306 Admission of Additional Limited Partners
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COL120106 After the formation of a limited partnership, additional limited partners may be admitted upon filing an amendment to the original certificate in accordance with the requirements of § 27407. SOURCE: CC § 2484.
18 GCA § 27307 Rights, Powers, and Liabilities of a General Partner
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(1) A general partner shall have all the rights and powers and be subject to all the restrictions and liabilities of a partner in a partnership without limited partners, except that without the written consent or ratification of the specific act by all the limited partners, a gen…
18 GCA § 27308 Rights of Limited Partner
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(l) A limited partner shall have the same rights as a general partner to -- (a) Have the partnership books kept at the principal place of business of the partnership, and at all times to inspect and copy any of them. (b) Have on demand true and full information of all things affe…
18 GCA § 27309 Status of Person Erroneously Believing Himself a Limited
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Partner. A person who has contributed to the capital of a business conducted by a person or partnership erroneously believing that he has become a limited partner in a limited partnership, is not, by reason of his exercise of the rights of a limited partner, a general partner wit…
18 GCA § 27310 One Person both General and Limited Partner
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(1) A person may be a general partner and a limited partner in the same partnership at the same time. (2) A person who is a general, and also at the same time a limited partner, shall have all the rights and powers and be subject to all the restric- tions of a general partner; ex…
18 GCA § 27311 Loans and other Business Transactions with Limited Partner
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(1) A limited partner also may loan money to and transact other business with the partnership, and, unless he is also a general partner, receive on account of resulting claims against the partnership, with general creditors, a pro rata share of the assets. No limited partner shal…
18 GCA § 27312 Relation of Limited Partners Inter Se
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Where there are several limited partners, the members may agree that one or more of the limited partners shall have a priority over other limited partners as to the return of their contributions, as to their compensation by way of income, or as to any other matter. If such an agr…
18 GCA § 27313 Compensation of Limited Partner
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A limited partner may receive from the partnership the share of the profits or the compensation by way of income stipulated for in the certificate; provided, that after such payment is made, whether from the property of the partnership or that of a general partner, the partnershi…
18 GCA § 27314 Withdrawal or Reduction of Limited Partner's Contribution
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(1) A limited partner shall not receive from a general partner or out of partnership property any part of his contribution until -- (a) All liabilities of the partnership, except liabilities to general partners and to limited partners on account of their contributions, have been …
18 GCA § 27315 Liability of Limited Partner to Partnership
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(1) A limited partner is liable to the partnership: (a) For the difference between his contribution as actually made and that stated in the certificate as having been made, and (b) For any unpaid contribution which he agreed in the certificate to make in the future at the time an…
18 GCA § 27316 Nature of Limited Partner's Interest in Partnership
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A limited partner's interest in the partnership is personal property. SOURCE: CC § 2494. ---------- ARTICLE 4 ALTERATION AND DISSOLUTION OF THE PARTNERSHIP
18 GCA § 27401 Assignment of Limited Partner's Interest
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(1) A limited partner's interest is assignable. (2) A substituted limited partner is a person admitted to all the rights of a limited partner who has died or has assigned his interest in a partnership. (3) An assignee, who does not become a substituted limited partner, has no rig…
18 GCA § 27402 Effect of Retirement, Death, or Insanity of a General Partner
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The retirement, death, or insanity of a general partner dissolves the partnership, unless the business is continued by the remaining general partners: (a) Under a right so to do stated in the certificate, or (b) With the consent of all members. SOURCE: CC § 2496.
18 GCA § 27403 Death of Limited Partner
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(l) On the death of a limited partner, his executor or administrator shall have all the rights of a limited partner for the purpose of settling his estate, COL120106 and such power as the deceased had to constitute his assignee a substituted limited partner. (2) The estate of a d…
18 GCA § 27404 Rights of Creditors of Limited Partner
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(1) On due application to a court of competent jurisdiction by any creditor of a limited partner, the court may charge the interest of the indebt- ed limited partner with payment of the unsatisfied amount of such claim; and may appoint a receiver and make all other orders, direct…
18 GCA § 27405 Distribution of Assets
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(1) In settling accounts after dissolution, the liabilities of the part- nership shall be entitled to payment in the following order: (a) Those to creditors, in the order of priority as provided by law, except those to limited partners on account of their contributions, and to ge…
18 GCA § 27406 When Certificate shall be Canceled or Amended
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(1) The certificate shall be canceled when the partnership is dissolved or all limited partners cease to be such. (2) A certificate shall be amended when: (a) There is a change in the name of the partnership or in the amount or character of the contribution of any limited partner…
18 GCA § 27407 Requirements for Amendments and for Cancellation of
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Certificates. (1) The writing to amend a certificate shall: COL120106 (a) Conform to the requirements of § 27201(a) as far as necessary to set forth clearly the change in the certificate which it is desired to make, and (b) Be signed and sworn to by all members, and an amendment …
18 GCA § 27408 Parties to Actions
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A contributor, unless he is a general partner, is not a proper party to proceedings by or against a partnership, except where the object is to enforce a limited partner's right against or liability to the partnership. SOURCE: CC § 2502. COL120106 ---------- ARTICLE 5 MISCELLANEOU…
18 GCA § 27501 Name of Act
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This Chapter may be cited as Uniform Limited Partnership Law. SOURCE: CC § 2503.
18 GCA § 27502 Rules of Construction
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(1) The rule that laws in derogation of the common law are to be strictly construed shall have no application to this Chapter. (2) This Chapter shall be so interpreted and construed as to effect its general purpose to make uniform the law of those states which enact it. (3) This …
18 GCA § 27503 Rules for Cases not Provided for in this Chapter
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In any case not provided for in this Chapter, the rules of law and equity including the law merchant, shall govern. SOURCE: CC § 2505.
18 GCA § 27504 Provisions for Existing Partnerships
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(1) A limited partnership formed under any law of Guam prior to the adoption of this Title, may become a limited partnership under this Chapter by complying with the provisions of § 27201, provided the Certificate sets forth: COL120106 (a) The amount of the original contribution …