Ohio Code § 1782.241
Ohio Code § 1782.241. Reproduced from the official Ohio Revised Code, with a citation summary, verification link, and related provisions.
§ 1782.241.
(A) A general partner shall perform the duties of a general partner in good faith, in
a manner the general partner reasonably believes to be in or not opposed to the best
interests of the limited partnership, and with the care that an ordinarily prudent
person in a like position would use under similar circumstances. In performing a general partner's duties, a general partner is entitled to rely
on information, opinions, reports, or statements, including financial statements and
other financial data, that are prepared or presented by either of the following: (1) One or more general partners, employees of the limited partnership, or employees
of a general partner, who the general partner reasonably believes are reliable and
competent in the matters prepared or presented; (2) Legal counsel, public accountants, or other persons as to matters that the general
partner reasonably believes are within the person's professional or expert competence. (B) For purposes of division (A) of this section, the following apply: (1) A general partner shall not be found to have violated the duties of a general partner
under division (A) of this section, unless it is proved by clear and convincing evidence
that the general partner has not acted in good faith, in a manner the general partner
reasonably believes to be in or not opposed to the best interests of the limited partnership,
or with the care that an ordinarily prudent person in a like position would use under
similar circumstances, in any action brought against the general partner, including
actions involving or affecting the general partner's service in any other position
or relationship with the limited partnership. (2) A general partner shall not be considered to be acting in good faith if the general
partner has knowledge concerning the matter in question that would cause reliance
on information, opinions, reports, or statements that are prepared or presented by
the persons described in divisions (A)(1) and (2) of this section to be unwarranted.
Source: official Ohio text · Last verified 2026-08-27
At a glance
- Citation: Ohio Revised Code § 1782.241
- Jurisdiction: Ohio
- Code: Ohio Revised Code
- Text: transcribed from the official source (verify below)
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Statute text is transcribed from the official Ohio Revised Code. Confirm it against the primary source before relying on it:
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Common questions
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The text above is transcribed from the Ohio Revised Code, the codified statutes of Ohio. The official publisher link appears under "Verify the text" on this page.
What subject does Ohio Revised Code § 1782.241 address?
It addresses the rule set out in the section text. Read the section together with the surrounding provisions listed under "Nearby provisions" for the full picture.
Is Ohio Revised Code § 1782.241 still in force?
Statutes are amended, repealed, and renumbered every session. Confirm the current version at the official Ohio source before relying on this text.
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