Ohio § 1782.241
Full text of Ohio Ohio Revised Code § 1782.241, with citation guidance and answers to common questions.
§ 1782.241.
(A) A general partner shall perform the duties of a general partner in good faith, in
a manner the general partner reasonably believes to be in or not opposed to the best
interests of the limited partnership, and with the care that an ordinarily prudent
person in a like position would use under similar circumstances. In performing a general partner's duties, a general partner is entitled to rely
on information, opinions, reports, or statements, including financial statements and
other financial data, that are prepared or presented by either of the following: (1) One or more general partners, employees of the limited partnership, or employees
of a general partner, who the general partner reasonably believes are reliable and
competent in the matters prepared or presented; (2) Legal counsel, public accountants, or other persons as to matters that the general
partner reasonably believes are within the person's professional or expert competence. (B) For purposes of division (A) of this section, the following apply: (1) A general partner shall not be found to have violated the duties of a general partner
under division (A) of this section, unless it is proved by clear and convincing evidence
that the general partner has not acted in good faith, in a manner the general partner
reasonably believes to be in or not opposed to the best interests of the limited partnership,
or with the care that an ordinarily prudent person in a like position would use under
similar circumstances, in any action brought against the general partner, including
actions involving or affecting the general partner's service in any other position
or relationship with the limited partnership. (2) A general partner shall not be considered to be acting in good faith if the general
partner has knowledge concerning the matter in question that would cause reliance
on information, opinions, reports, or statements that are prepared or presented by
the persons described in divisions (A)(1) and (2) of this section to be unwarranted.
Frequently Asked Questions About Ohio § 1782.241
What does Ohio Revised Code § 1782.241 cover?
Section 1782.241 is part of the Ohio Revised Code, the codified statutory law of Ohio. 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 Ohio § 1782.241?
A common citation format is "Ohio Revised Code § 1782.241" (Ohio). 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 Ohio law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Ohio official source linked on this page or consult a licensed Ohio attorney.
How does Ohio § 1782.241 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Ohio 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 Ohio.