§ 16107 Partnership Law Amendments

This law says that if a partnership follows the rules in this chapter, it must also follow any future changes or removal of those rules.

Key Takeaways

•Partnerships must obey any updates to the chapter that governs them.
•They cannot ignore a rule just because it was added after the partnership was formed.
•If the chapter is completely repealed, the partnership is no longer bound by its rules.

Example

A group of friends start a partnership to run a bakery under the current rules of this chapter. Two years later the state changes the chapter to require yearly financial reports.

Because their partnership is covered by this chapter, they have to start filing the new yearly reports, even though the rule didn't exist when they started.

This law says that if a partnership follows the rules in this chapter, it must also follow any future changes or removal of those rules.

Key Takeaways

•Partnerships must obey any updates to the chapter that governs them.
•They cannot ignore a rule just because it was added after the partnership was formed.
•If the chapter is completely repealed, the partnership is no longer bound by its rules.

Example

A group of friends start a partnership to run a bakery under the current rules of this chapter. Two years later the state changes the chapter to require yearly financial reports.

Because their partnership is covered by this chapter, they have to start filing the new yearly reports, even though the rule didn't exist when they started.

Key Takeaways

Example

Key Terms

References

§ 16107 Partnership Law Amendments

Key Takeaways

Example

Key Terms

References

Key Takeaways

Example

Key Terms

Related Statutes

References

Key Takeaways

Example

Key Terms

Related Statutes

References