Nature, purpose, and duration of entity

NATURE, PURPOSE, AND DURATION OF ENTITY. (a) 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. (b) A limited partnership may be organized under the Uniform Limited Partnership Act of 2010 for any lawful purpose. (c) A limited partnership has a perpetual duration unless otherwise specified in its certificate of limited partnership. Added by Laws 2010, c. 384, § 4, eff. Jan. 1, 2011.