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805 ILCS 215/303 : Business — Business Organizations — Partnerships — Uniform Limited Partnership Act (2001) — Limited Partners — No liability as limited partner for limited partnership obligation

An obligation of a limited partnership, whether arising in contract, tort, or otherwise, is not the obligation of a limited partner. A limited partner is not personally liable, directly or indirectly, by way of contribution or otherwise, for an obligation of the limited partnership solely by reason of being a limited partner, even if the limited partner participates in the management and control of the limited partnership.

805 ILCS 215/303

Added by P.A. 093-0967, § 303, eff. 1/1/2005.