HARRY HUGHES, Governor

3023

EACH LIMITED PARTNERSHIP SHALL KEEP AT ITS PRINCIPAL
OFFICE THE FOLLOWING RECORDS, WHICH ARE SUBJECT TO
INSPECTION AND COPYING AT THE REASONABLE REQUEST, AND AT THE
EXPENSE, OF ANY PARTNER DURING ORDINARY BUSINESS HOURS:

(1)  A CURRENT LIST OF THE FULL NAME AND LAST
KNOWN HOME OR BUSINESS ADDRESS OF EACH PARTNER SET FORTH IN
ALPHABETICAL ORDER;

(2)  A COPY OF THE CERTIFICATE TOGETHER WITH
EXECUTED COPIES OF ANY POWERS OF ATTORNEY PURSUANT TO WHICH
ANY CERTIFICATE HAS BEEN EXECUTED;

(3)  COPIES OF THE LIMITED PARTNERSHIP'S FEDERAL,
STATE, AND LOCAL INCOME TAX RETURNS AND REPORTS, IF ANY, FOR
THE 3 MOST RECENT YEARS;

(4)  COPIES OF THEN EFFECTIVE WRITTEN PARTNERSHIP
AGREEMENTS AND OF ANY FINANCIAL STATEMENTS OF THE LIMITED
PARTNERSHIP FOR THE 3 MOST RECENT YEARS; AND

(5)  THE PARTNERSHIP BOOKS.

COMMENT

In view of the passive nature of the limited partners'
position, it was felt that limited partners were entitled to
access to certain basic documents. Due to the great
diversity among limited partnerships, it was thought
inappropriate to require a standard form of financial
report, and § 10-105 merely requires the retention of tax
returns and any other financial statements that are
prepared. § 10-109(a)(l) and (2) of the previous Limited
Partnership Act similarly granted partners the right to
inspect the partnership books and to have "true and full
information of all things affecting the partnership".

10-106. NATURE OF BUSINESS.

A LIMITED PARTNERSHIP MAY CARRY ON ANY BUSINESS THAT A
PARTNERSHIP WITHOUT LIMITED PARTNERS MAY CARRY ON, EXCEPT
THE BUSINESS OF ACTING AS AN INSURER.

COMMENT

This section is nearly identical to § 10-103 of the
previous Limited Partnership Act (§ 3 of the prior uniform
law). Like the previous § 10-103, the insurance prohibition
does not rule out an agency or brokerage engaged in the
insurance business, only the activity of being an indemnitor
or surety and providing benefits upon determinable
contingencies (see Article 48A § 3 of the Maryland Code for
a definition of "insurer".)

10-107. BUSINESS TRANSACTIONS OF PARTNER WITH PARTNERSHIP.