§ 7-12.1-110. Application to existing relationships.
(a) This chapter governs only:
(1) A partnership formed on or after January 1, 2023; and
(2) Except as otherwise provided in subsection (c) of this section, a partnership formed before January 1, 2023, which elects, in the manner provided in its partnership agreement or by law for amending the partnership agreement, to be subject to this chapter.
(b) Except as otherwise provided in subsection (c) of this section, on and after January 1, 2024, this chapter governs all partnerships.
(c) With respect to a partnership that elects pursuant to subsection (a)(2) of this section to be subject to this chapter, after the election takes effect the provisions of this chapter relating to the liability of the partnership’s partners to third parties apply to:
(1) A third party that had not done business with the partnership in the year before the election took effect; and
(2) A third party that had done business with the partnership in the year before the election took effect only if the third party knows or has been notified of the election.
History of Section.
P.L. 2022, ch. 123, § 2, effective January 1, 2023; P.L. 2022, ch. 124, § 2, effective
January 1, 2023; P.L. 2023, ch. 395, art. 1, § 2, effective December 31, 2023.