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Chapter 25.12 RCW

LIMITED PARTNERSHIPS EXISTING PRIOR TO JUNE 6, 1945

RCW Sections

25.12.005Application of chapter.
25.12.010Limited partnership may be formed.
25.12.020Of whom composed -- Liability of members.
25.12.030Certificate to be made, acknowledged and filed.
25.12.040Certificate of partnership -- Publication.
25.12.050Renewal of limited partnership.
25.12.060Name of firm -- When special partner liable as general partner.
25.12.070Withdrawal of stock and profits -- Effect.
25.12.080Suits by and against limited partnership -- Parties.
25.12.090Dissolution, how accomplished.
25.12.100Liabilities and rights of members of firm.


25.12.005
Application of chapter.

The provisions of this chapter shall apply only to those limited partnerships which were in existence on or prior to June 6, 1945 and which have not become a limited partnership under *chapter 25.08 RCW.

[1955 c 15 § 25.12.005.]

Notes:

     *Reviser's note: Chapter 25.08 RCW was repealed in its entirety by 1981 c 51 § 72; later enactment, see chapter 25.10 RCW.




25.12.010
Limited partnership may be formed.

Limited partnerships for the transaction of mercantile, mechanical, or manufacturing business may be formed within this state, by two or more persons, upon the terms and subject to the conditions contained in this chapter.

[1955 c 15 § 25.12.010. Prior: 1869 p 380 § 1; RRS § 9966.]




25.12.020
Of whom composed — Liability of members.

A limited partnership may consist of two or more persons, who are known and called general partners, and are jointly liable as general partners now are by law, and of two or more persons who shall contribute to the common stock a specific sum in actual money as capital, and are known and called special partners, and are not personally liable for any of the debts of the partnership, except as in this chapter specially provided.

[1955 c 15 § 25.12.020. Prior: 1927 c 106 § 1; 1869 p 380 § 2; RRS § 9967.]




25.12.030
Certificate to be made, acknowledged and filed.

The persons forming such partnership shall make and severally subscribe a certificate, in duplicate, and file one of such certificates with the county auditor of the county in which the principal place of business of the partnership is to be. Before being filed, the execution of such certificate shall be acknowledged by each partner subscribing it before some officer authorized to take acknowledgments of deeds; and such certificate shall contain the name assumed by the partnership and under which its business is to be conducted, the names and respective places of residence of all the general and special partners, the amount of capital which each special partner has contributed to the common stock, the general nature of the business to be transacted, and the time when the partnership is to commence, and when it is to terminate.

[1955 c 15 § 25.12.030. Prior: 1869 p 380 § 3; RRS § 9968.]




25.12.040
Certificate of partnership — Publication.

The partnership cannot commence before the filing of the certificate of partnership, and if a false statement is made in the certificate, all the persons subscribing thereto are liable as general partners for all the debts of the partnership. The partners shall, for four consecutive weeks immediately after the filing of the certificate of partnership, publish a copy of it in some newspaper of general circulation in the county where the principal place of business of the partnership is, and until the publication is made and completed, the partnership is to be deemed general.

[1985 c 469 § 12; 1955 c 15 § 25.12.040. Prior: 1869 p 380 § 4; RRS § 9969.]




25.12.050
Renewal of limited partnership.

A limited partnership may be continued or renewed by making, acknowledging, filing, and publishing a certificate thereof, in the manner provided in this chapter for the formation of such partnership originally, and every such partnership, not renewed or continued as herein provided, from and after the expiration thereof according to the original certificate, shall be a general partnership.

[1955 c 15 § 25.12.050. Prior: 1869 p 381 § 5; RRS § 9970.]




25.12.060
Name of firm — When special partner liable as general partner.

The business of the partnership may be conducted under a name in which the names of the general partners only shall be inserted, without the addition of the word "company" or any other general term. If the name of any special partner is used in such firm with his or her consent or privity, he or she shall be deemed and treated as a general partner, or if he or she personally makes any contract respecting the concerns of the partnership with any person except the general partners, he or she shall be deemed and treated as a general partner in relation to such contract, unless he or she makes it appear that in making such contract he or she acted and was recognized as a special partner only.

[2011 c 336 § 683; 1955 c 15 § 25.12.060. Prior: 1869 p 381 § 6; RRS § 9971.]




25.12.070
Withdrawal of stock and profits — Effect.

During the continuance of any partnership formed under this chapter no part of the capital stock thereof shall be withdrawn, nor any division of interests or profits be made, so as to reduce such capital stock below the sum stated in the certificate of partnership before mentioned; and if at any time during the continuance or at the termination of such partnership, the property or assets thereof are not sufficient to satisfy the partnership debts then the special partners shall be severally liable for all sums or amounts by them in any way received or withdrawn from such capital stock, with interest thereon from the time they were so received or withdrawn respectively.

[1955 c 15 § 25.12.070. Prior: 1869 p 381 § 7; RRS § 9972.]




25.12.080
Suits by and against limited partnership — Parties.

All actions, suits or proceedings respecting the business of such partnership shall be prosecuted by and against the general partners only, except in those cases where special partners or partnerships are to be deemed general partners or partnerships, in which case all the partners deemed general partners may join therein; and excepting also those cases where special partners are severally liable on account of sums or amounts received or withdrawn from the capital stock as provided in RCW 25.12.070.

[1955 c 15 § 25.12.080. Prior: 1869 p 381 § 8; RRS § 9973.]




25.12.090
Dissolution, how accomplished.

No dissolution of a limited partnership shall take place except by operation of law, before the time specified in the certificate of partnership, unless a notice of such dissolution, subscribed by the general and special partners is filed with the original certificate of partnership or the certificate, if any, renewing or continuing such partnership nor unless a copy of such notice be published for the time and in the manner prescribed for the publication of the certificate of partnership.

[1955 c 15 § 25.12.090. Prior: 1869 p 382 § 9; RRS § 9974.]




25.12.100
Liabilities and rights of members of firm.

In all cases not otherwise provided for in this chapter, all the members of limited partnerships shall be subject to all the liabilities and entitled to all the rights of general partners.

[1955 c 15 § 25.12.100. Prior: 1869 p 382 § 10; RRS § 9975.]