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<p class="MsoNormal">LLP owns two lots (A&B) and has two partners. Mutually, one partner wants to leave the LLP and develop Lot B himself. Remaining partner wants to develop Lot A still with the LLP. Now my immediate reaction was that such an action would
lead to a dissolution of the partnership as you can’t have a partnership with just one partner. However, I was reading RCW 25.10 (the Uniform Partnership Act adopted by WA) and 25.10.111 is about “Dual Capacity” stating that “a person may be both a general
partner and a limited partner”. Setting aside that I find that nonsensical, has anyone run into cases where an LLP is just one individual acting with such a dual capacity? And, even if we presume that one can, is there any way around the fact that the departure
of even a limited partner technically requires a dissolution of the LLP?<o:p></o:p></p>
<p class="MsoNormal"><o:p> </o:p></p>
<p class="MsoNormal">Again, this isn’t specifically real estate, but with the nature of developing real estate I was hoping there was someone who might have run into a similar situation before.<o:p></o:p></p>
<p class="MsoNormal"><o:p> </o:p></p>
<p class="MsoNormal">Sincerely,<o:p></o:p></p>
<p class="MsoNormal"><o:p> </o:p></p>
<p class="MsoNormal">Richard L. Holland<o:p></o:p></p>
<p class="MsoNormal"><o:p> </o:p></p>
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<p class="MsoNormal"><o:p> </o:p></p>
<p class="MsoNormal"><span style="font-size:10.0pt">603 4th Avenue, Suite 100
<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:10.0pt">Kirkland, WA 98033
<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:10.0pt">877.785.8734 / 866.982.5080 (fax)<o:p></o:p></span></p>
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