Guam § 27201 - Formation.
Full text of Guam Guam Code Annotated § 27201 — Formation., with citation guidance and answers to common questions.
§ 27201. Formation.
(1) Two or more persons desiring to form a limited partnership shall:
(a) Sign and swear to a certificate, which shall state --
i. The name of the partnership.
ii. The character of the business.
iii. The location of the principal place of the business.
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iv. The name and place of residence of each member; general
and limited partners being respectively designated.
v. The term for which the partnership is to exist.
vi. The amount of cash and a description of and the agreed
value of the other property contributed by each limited
partner.
vii. The additional contributions, if any, agreed to be made by
each limited partner and the times at which or the events on
the happening of which they shall be made.
viii.The time, if agreed upon, when the contribution of each
limited partner is to be returned.
ix. The share of the profits or the other compensation by way
of income which each limited partner shall receive by
reason of his contribution.
x. The right, if given, of a limited partner to substitute an
assignee as contributor in his place, and the terms and
conditions of the substitution.
xi. The right, if given, of the partners to admit additional
limited partners.
xii. The right, if given, of one or more of the limited partners to
priority over other limited partners, as to contributions or
as to compensation by way of income, and the nature of such
priority.
xiii.The right, if given, of the remaining general partner or
partners to continue the business on the death, retirement
or insanity of a general partner, and
xiv. The right, if given, of a limited partner to demand and
receive property other than cash in return for his contri
bution.
(b) File the said certificate in the Department of Revenue and
Taxation, in a book to be kept for that purpose open to public
inspection.
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(2) A limited partnership is formed if there has been substantial
compliance in good faith with the requirements of paragraph (1) of this
section.
Frequently Asked Questions About Guam § 27201
What does Guam Code Annotated § 27201 cover?
Section 27201 ("Formation.") is part of the Guam Code Annotated, the codified statutory law of Guam. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Guam § 27201?
A common citation format is "Guam Code Annotated § 27201" (Guam). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Guam law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Guam official source linked on this page or consult a licensed Guam attorney.
How does Guam § 27201 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Guam can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Guam.