Designated partner appointment obligation ensures prompt replacement after vacancy and deems all partners designated if none appointed. A limited liability partnership must promptly appoint a new designated partner following a vacancy and the provisions governing designated partners under ... Summary
Designated partner appointment obligation ensures prompt replacement after vacancy and deems all partners designated if none appointed.
A limited liability partnership must promptly appoint a new designated partner following a vacancy and the provisions governing designated partners under the earlier applicable provisions apply to that appointee; if no appointment is made or only one designated partner exists, all partners are deemed to be designated partners to preserve statutory responsibilities and compliance.
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