Nevada § 87.4316 - Effect of partnership agreement; nonwaivable provisions
Full text of Nevada Nevada Revised Statutes § 87.4316 — Effect of partnership agreement; nonwaivable provisions, with citation guidance and answers to common questions.
§ 87.4316. Effect of partnership agreement; nonwaivable provisions
1. Except as otherwise provided in subsection 2, relations among the partners and
between the partners and the partnership are governed by the partnership agreement. To the extent the partnership agreement does not otherwise provide, NRS 87.4301 to 87.4357 , inclusive, govern relations among the partners and between the partners and the
partnership. 2. The partnership agreement may not: (a) Vary the rights and duties under NRS 87.4318 except to eliminate the duty to provide copies of statements to all of the partners; (b) Unreasonably restrict the right of access to books and records under subsection
2 of NRS 87.4335 ; (c) Eliminate the duty of loyalty under subsection 2 of NRS 87.4336 or paragraph (c) of subsection 2 of NRS 87.4345 , but: (1) The partnership agreement may identify specific types or categories of activities
that do not violate the duty of loyalty, if not manifestly unreasonable; or (2) All of the partners or a number or percentage specified in the partnership agreement
may authorize or ratify, after full disclosure of all material facts, a specific act
or transaction that otherwise would violate the duty of loyalty; (d) Unreasonably reduce the duty of care under subsection 3 of NRS 87.4336 or paragraph (c) of subsection 2 of NRS 87.4345 ; (e) Eliminate the obligation of good faith and fair dealing under subsection 4 of NRS 87.4336 , but the partnership agreement may prescribe the standards by which the performance
of the obligation is to be measured, if the standards are not manifestly unreasonable; (f) Vary the power to dissociate as a partner under subsection 1 of NRS 87.4344 , except to require the notice under subsection 1 of NRS 87.4343 to be in writing; (g) Vary the right of a court to expel a partner in the events specified in subsection
5 of NRS 87.4343 ; (h) Vary the requirement to wind up the partnership business in cases specified in
subsection 4, 5 or 6 of NRS 87.4351 ; (i) Vary the law applicable to a registered limited-liability partnership pursuant
to NRS 87.560 ; or (j) Restrict rights of third parties pursuant to NRS 87.4301 to 87.4357 , inclusive.
Source: official Nevada text · Last verified 2026-08-27
Frequently Asked Questions About Nevada § 87.4316
What does Nevada Revised Statutes § 87.4316 cover?
Section 87.4316 ("Effect of partnership agreement; nonwaivable provisions") is part of the Nevada Revised Statutes, the codified statutory law of Nevada. 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 Nevada § 87.4316?
A common citation format is "Nevada Revised Statutes § 87.4316" (Nevada). 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 Nevada law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Nevada official source linked on this page or consult a licensed Nevada attorney.
How does Nevada § 87.4316 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Nevada 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 Nevada.