Oregon Code § 70.255·Enacted ·Last updated March 01, 2026
Statute Text
Withdrawal of partner.
(1) A general partner may withdraw from a limited partnership at any time by
giving written notice to the other partners, but if the withdrawal violates the
partnership agreement, the limited partnership may recover from the withdrawing
general partner damages for breach of the partnership agreement and offset the
damages against the amount otherwise distributable to the withdrawing general
partner.
(2) A limited
partner may withdraw from a limited partnership at the time or upon the
happening of events specified in writing in the partnership agreement. If the
partnership agreement does not specify in writing the time or the events upon
the happening of which a limited partner may withdraw or a definite time for
the dissolution and winding up of the limited partnership, a limited partner
may withdraw upon not less than six months prior written notice to each
general partner at the general partners address on the books of the limited
partnership at its office in this state. [1985 c.677 §§33,34; 1987 c.543 §23]
Plain English Explanation
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Key Points
01Part of Oregon statutory law
02Referenced as Oregon Code § 70.255
03Subject to legislative amendments
04Consult a licensed attorney for application to specific cases
Frequently Asked Questions
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