Nature of business.
A limited partnership may carry on any business that a partnership without limited partners may carry on.
History: 1983 a. 173
Conveyance of real property of the limited partnership. 179.065(1)(1)
If title to real property is in the name of the limited partnership, a general partner may convey title to that property in the name of the limited partnership, unless the certificate of limited partnership provides otherwise.
(2) Section 178.07 (2)
governs the authority of a general partner to transfer real property if the property is not in the name of the limited partnership or if the conveyance is not executed in the name of the limited partnership.
History: 1989 a. 231
Business transactions of partner with limited partnership.
Except as provided in the partnership agreement, a partner may lend money to and transact other business with the limited partnership and has the same rights and obligations as a person who is not a partner.
History: 1983 a. 173
Offer and sale of securities.
No limited partnership formed under this chapter and no other limited partnership may offer or sell any of its securities in this state, unless the securities are registered under ch. 551
or the securities or the offer or sale of the securities are exempted from registration under ch. 551
History: 1983 a. 173
Construction and application.
This chapter shall be applied and construed to make uniform the law relating to limited partnerships among states enacting substantially identical laws.
History: 1983 a. 173
Transitional provisions. 179.105(1)
A limited partnership in existence on April 28, 1990, is not required to amend or restate its certificate of limited partnership to include the information specified in s. 179.11 (1) (dm)
Any provision of a certificate of limited partnership that is in existence on April 28, 1990, and that conforms with s. 179.31
, 1987 stats., s. 179.32 (4) (intro.)
or (5) (intro.)
, 1987 stats., s. 179.42 (1)
, 1987 stats., s. 179.53
, 1987 stats., s. 179.55
, 1987 stats., s. 179.64 (1) (a)
, 1987 stats., or s. 179.71 (1)
, 1987 stats., is enforceable on and after April 28, 1990, to the same extent that the provision would be enforceable under s. 179.31
, 179.32 (4) (intro.)
or (5) (intro.)
, 179.42 (1m)
, 179.64 (1) (a)
or 179.71 (1m)
if included in a partnership agreement.
If the application of s. 179.43
to a limited partnership existing on September 1, 1984, would impair any contract provision in existence on September 1, 1984, s. 179.43
does not apply to the limited partnership until the expiration of the contract or unless the parties to the contract agree otherwise.
History: 1989 a. 232
; 1991 a. 32
Certificate of limited partnership. 179.11(1)
To form a limited partnership, a certificate of limited partnership must be executed and filed with the department. The certificate shall be filed together with a fee of $70, except that the department, by rule, may specify a larger fee for certificates that are filed in paper format. Each certificate shall contain all of the following information:
The address of the record office and the name and address, including street and number, of the agent for service of process required to be maintained under s. 179.04
The name and business address of each general partner.
The latest date upon which the limited partnership is to dissolve, except as provided in s. 179.105
Any other matters the general partners determine to include.
A limited partnership is formed at the time of the filing of the certificate of limited partnership with the department or at any later time specified in the certificate of limited partnership, if there has been substantial compliance with this section.
Amendments to certificate. 179.12(1)
Except as otherwise provided in this subsection, a certificate of limited partnership is amended by filing a certificate of amendment with the department, together with a fee of $25. The department, by rule, may specify a larger fee for certificates that are filed in paper format. No fee may be collected for filing a certificate of amendment to reflect only a change in the name of a registered agent. The certificate of amendment shall specify all of the following:
Within 30 days after the happening of any of the following events, an amendment to a certificate of limited partnership reflecting the occurrence of the event shall be filed:
A change in the name of the limited partnership, or a change in the address of the record office or a change in the name or address of the registered agent.
The continuation of the business under s. 179.71
after an event of withdrawal of a general partner.
Within 60 days after the admission of a new general partner, an amendment to a certificate of limited partnership reflecting the event shall be filed.
A general partner who becomes aware that any statement in a certificate of limited partnership was false when made or that any arrangements or other facts described have changed shall promptly amend the certificate.
A certificate of limited partnership may be amended at any time for any other proper purpose the general partners determine.
No person has any liability because an amendment to a certificate of limited partnership has not been filed to reflect the occurrence of any event under sub. (2)
if the amendment is filed within the 30-day period specified in sub. (2)
Except as otherwise provided in this chapter or in the certificate of amendment, a certificate of amendment is effective on its filing with the department.
Cancellation of certificate.
A certificate of limited partnership shall be canceled upon the dissolution and the commencement of winding up of the limited partnership or at any other time that there are no limited partners. A certificate of cancellation shall be filed together with a fee of $10 with the department, except that the department, by rule, may specify a larger fee for certificates that are filed in paper format. Each certificate shall specify all of the following:
The name of the limited partnership.
The date of filing of its certificate of limited partnership.
The reason for filing the certificate of cancellation.
The date of cancellation if it is not the date of filing.
Any other information the general partners filing the certificate determine.
Execution of certificates. 179.14(1g)(b)
"Electronic signature" means an electronic sound, symbol, or process, attached to or logically associated with a writing and executed or adopted by a person with intent to authenticate the writing.
"Sign" means to execute or adopt a manual, facsimile, conformed, or electronic signature or any symbol with intent to authenticate a writing.
Each certificate required by this subchapter to be filed with the department shall be executed in the following manner:
An original certificate of limited partnership must be signed by all general partners.
A certificate of amendment must be signed by at least one general partner and by each other general partner designated in the certificate as a new general partner.
A certificate of cancellation must be signed by all general partners or, if there is no general partner, by a majority of the limited partners.
Any person may sign a certificate by an attorney-in-fact, but a power of attorney to sign a certificate relating to the admission of a general partner must specifically describe the admission.
The execution of a certificate by a general partner constitutes an affirmation under the penalties of perjury that the facts stated in the certificate are true.
Execution of certificate by court order.
If a person required by s. 179.14
to execute any certificate fails or refuses to do so, any other person who is adversely affected by the failure or refusal, may petition the circuit court to direct the execution of the certificate. If the court finds that it is proper for the certificate to be executed and that any person so designated has failed or refused to execute the certificate, it shall order the department to record an appropriate certificate.
Filing with the department of financial institutions. 179.16(1g)(a)
"Deliver" means deliver by hand, mail, commercial delivery service, electronic transmission, or any other method of delivery used in conventional commercial practice.
"Electronic" means relating to technology having electrical, digital, magnetic, wireless, optical, electromagnetic, or similar capabilities.
Two signed copies of the certificate of limited partnership and of any certificates of amendment or cancellation or of any court order under s. 179.15
shall be delivered to the department. A person who executes a certificate as an officer, general partner or fiduciary need not exhibit evidence of his or her authority as a prerequisite to filing. Unless the document does not conform to law, upon receipt of all filing fees the department shall do all of the following:
Endorse on each duplicate original the word "Filed" and the day, month and year of the filing.
File one duplicate original with the department.
Return the other duplicate original to the person who filed it or his or her representative.
Upon the filing of a certificate of amendment or court order of amendment in the department, the certificate of limited partnership shall be amended as set forth in the certificate or order, and upon the effective date of a certificate of cancellation or court order of cancellation, the certificate of limited partnership is canceled.
The department may waive any of the following:
An omission or defect in a document, if the department determines from the face of the document that the omission or defect is immaterial.
A waiver under par. (a)
occurs when the document is filed.
The department shall charge and collect, for processing a document required or permitted to be filed under this chapter in an expeditious manner, the fee established under s. 182.01 (4) (d)
in addition to the fee required by other provisions of this chapter.
Liability for false statement in certificate.
If any certificate of limited partnership or certificate of amendment or cancellation contains a materially false statement, one who suffers loss by reliance on the statement may recover damages for the loss from any of the following:
Any person who executes the certificate, or causes another to execute it on his or her behalf, and knew, and any general partner who knew or should have known, the statement to be false in any material respect at the time the certificate was executed.
Any general partner who knows or should have known that any arrangement or other fact described in the certificate has changed, making the statement inaccurate in any material respect within a sufficient time before the statement was relied upon reasonably to have enabled that general partner to cancel or amend the certificate, or to file a petition for its cancellation or amendment under s. 179.15
History: 1983 a. 173
Notice conferred by filing.
The fact that a certificate of limited partnership is on file with the department is notice that the partnership is a limited partnership and the persons designated as general partners are general partners, but it is not notice of any other fact.
Restated certificate. 179.185(1)
A limited partnership may integrate into a single instrument the operative provisions of its certificate of limited partnership, as shown by the original certificate and amendments filed under this subchapter, and it may at the same time also further amend its certificate of limited partnership by adopting a restated certificate of limited partnership. The restated certificate shall be filed together with a fee of $25 with the department, except that the department, by rule, may specify a larger fee for certificates that are filed in paper format.