Ohio § 1782.242
Full text of Ohio Ohio Revised Code § 1782.242, with citation guidance and answers to common questions.
§ 1782.242.
No contract, action, or transaction shall be void or voidable with respect to a limited
partnership for the reason that the contract, action, or transaction is among or affects
the limited partnership and one or more of its partners, or that the contract, action,
or transaction is among or affects the limited partnership and any other person in
which one or more of the partners are directors, trustees, officers, or partners,
or have a financial or personal interest, if any of the following applies: (A) The material facts as to the partner or partners and their relationship or interest
and as to the contract, action, or transaction are disclosed in writing to every partner
before that partner is admitted to the partnership. (B) The material facts as to the partner or partners and their relationship or interest
and as to the contract, action, or transaction are disclosed in writing to all partners;
the contract, action, or transaction is fair as to the limited partnership; and
the disinterested general partners acting in good faith reasonably justified by the
facts, authorize the contract, action, or transaction by a majority vote, even though
the disinterested general partners constitute less than a majority of the general
partners. (C) The contract, action, or transaction is fair as to the limited partnership as of
the time the contract, action, or transaction is authorized and approved by a majority
in interest of the disinterested limited partners.
Frequently Asked Questions About Ohio § 1782.242
What does Ohio Revised Code § 1782.242 cover?
Section 1782.242 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 § 1782.242?
A common citation format is "Ohio Revised Code § 1782.242" (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 § 1782.242 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.