NRS87A.155. Nature, purpose and duration of entity; prohibition against organization for certain illegal purposes.

Latest version.

      1. A limited partnership is an entity distinct from its partners. A limited partnership is the same entity regardless of whether the limited partnership has registered as a registered limited-liability limited partnership.

      2. A limited partnership may be organized under this chapter for any lawful purpose. A person shall not organize a limited partnership for any illegal purpose or with the fraudulent intent to conceal any business activity, or lack thereof, from another person or a governmental agency.

      3. A limited partnership has a perpetual duration.

(Added to NRS by 2007, 440; A 2013, 871)

                    
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