Virginia § 50-73.147 - Applicability
Full text of Virginia Code of Virginia § 50-73.147 — Applicability, with citation guidance and answers to common questions.
§ 50-73.147. Applicability
A. Before January 1, 2000, this chapter governs only a partnership formed:
1. On and after July 1, 1997, unless that partnership is continuing the business of a dissolved partnership under § 50-41 of the Uniform Partnership Act as it existed on July 1, 1997; and
2. Before July 1, 1997, that elects, as provided by subsection C, to be governed by this chapter.
B. Effective January 1, 2000, this chapter governs all partnerships.
C. Before January 1, 2000, a partnership voluntarily may elect, in the manner provided in its partnership agreement or by law for amending the partnership agreement, to be governed by this chapter. The provisions of this chapter relating to the liability of the partnership's partners to third parties apply to limit those partners' liability to a third party who had done business with the partnership within one year preceding the partnership's election to be governed by this chapter, only if the third party knows or has received a notification of the partnership's election to be governed by this chapter.
1996, c. 292.
Frequently Asked Questions About Virginia § 50-73.147
What does Code of Virginia § 50-73.147 cover?
Section 50-73.147 ("Applicability") is part of the Code of Virginia, the codified statutory law of Virginia. 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 Virginia § 50-73.147?
A common citation format is "Code of Virginia § 50-73.147" (Virginia). 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 Virginia law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Virginia official source linked on this page or consult a licensed Virginia attorney.
How does Virginia § 50-73.147 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Virginia 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 Virginia.