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Nevada Revised Statutes Title 7. Business Associations; Securities; Commodities § 87A.450. Power of person to withdraw as general partner; wrongful withdrawal

Current as of January 01, 2025 | Updated by Findlaw Staff

1. A person has the power to withdraw as a general partner at any time, rightfully or wrongfully, by express will pursuant to subsection 1 of NRS 87A.445.

2. A person's withdrawal as a general partner is wrongful only if:

(a) It is in breach of an express provision of the partnership agreement; or

(b) It occurs before the termination of the limited partnership, and:

(1) The person withdraws as a general partner by express will;

(2) The person is expelled as a general partner by judicial determination under subsection 5 of NRS 87A.445;

(3) The person is withdrawn as a general partner by becoming a debtor in bankruptcy; or

(4) In the case of a person that is not a natural person, a trust other than a business trust or an estate, the person is expelled or otherwise withdrawn as a general partner because it willfully dissolved or terminated.

3. A person that wrongfully withdraws as a general partner is liable to the limited partnership and, subject to NRS 87A.660, to the other partners for damages caused by the withdrawal. The liability is in addition to any other obligation of the general partner to the limited partnership or to the other partners.

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Cite this article: FindLaw.com - Nevada Revised Statutes Title 7. Business Associations; Securities; Commodities § 87A.450. Power of person to withdraw as general partner; wrongful withdrawal - last updated January 01, 2025 | https://codes.findlaw.com/nv/title-7-business-associations-securities-commodities/nv-rev-st-87a-450/

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