Or. Rev. Stat. § 70.140
Liability of person who erroneously believes person is limited partner
Oregon · Oregon Revised Statutes Chapter 70 — Limited Partnerships · Status: effective
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- Citation
- Or. Rev. Stat. § 70.140, Liability of person who erroneously believes person is limited partner, Oregon, version 1 as recorded 2026-10-04, yourstate.us, https://yourstate.us/provision/2454440
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Full text
A person who makes a contribution to a business enterprise and erroneously but in good faith believes that the person has become a limited partner in the enterprise is not a general partner in the enterprise and is not bound by its obligations by reason of making the contribution, receiving distributions from the enterprise or exercising any rights of a limited partner if, on ascertaining the mistake, the person promptly takes either of the following actions:
(1) Causes an appropriate certificate of limited partnership or a certificate of amendment to be executed and filed.
(2) Withdraws from future equity participation in the enterprise by executing and submitting for filing with the Office of Secretary of State a certificate declaring withdrawal under this section.