Section 15901.04 - Distinct entity; organization; perpetual duration(a) A limited partnership is an entity distinct from its partners. (b) A limited partnership may be organized under this chapter for any lawful purpose. A limited partnership may engage in any lawful business activity, whether or not for profit, except the banking business, the business of issuing policies of insurance and assuming insurance risks, or the trust company business. (c) A limited partnership has a perpetual duration.Ca. Corp. Code § 15901.04
Added by Stats 2006 ch 495 (AB 339),s 20, eff. 1/1/2008.