Short answer. Yes, but only with everyone's agreement, and it does not bind creditors. A limited partner's liabilities to the partnership can be waived or compromised only by the consent of all the members, and even a valid waiver does not defeat the rights of protected creditors to enforce those liabilities.
What the law says
The liabilities of a limited partner as set forth in this article can be waived or compromised only by the consent of all members; but a waiver or compromise shall not affect the right of a creditor of a partnership who extended credit or whose claim arose after the filing and before a cancellation or amendment of the certificate, to enforce such liabilities.
Civil Code, Article 1858 — Limited Partner's Liability to the Partnership. Read the full provision →
Unanimous consent, or no waiver
A limited partner's obligations to the partnership are not something a friendly majority can quietly forgive. Article 1858 provides that these liabilities can be waived or compromised only by the consent of all members. Every member, general and limited, must agree. This unanimity requirement makes a waiver hard to obtain and protects the other partners: no one's share of what a limited partner owes the firm can be given away without their agreement. A purported waiver granted by some but not all of the members does not meet the standard the article sets, and cannot be relied on as having released the limited partner.
Which liabilities can be waived
The waiver rule refers back to the liabilities the same article creates. Those include the difference between the contribution a limited partner actually made and what the certificate says was made, any unpaid future contribution promised in the certificate, and amounts a limited partner holds as trustee for the partnership because property was wrongfully returned or money wrongfully paid to them. It is these obligations to the partnership that all members may, if they choose, agree to waive or compromise. The mechanism exists because partners may have legitimate reasons to settle such internal claims, but the law insists that everyone sign off on it.
A waiver cannot be used against creditors
Crucially, even a properly agreed waiver has a limit the partners cannot bargain around. The article says a waiver or compromise shall not affect the right of a creditor of a partnership who extended credit or whose claim arose after the filing and before a cancellation or amendment of the certificate, to enforce such liabilities. In other words, partners can settle these obligations among themselves, but they cannot thereby strip protected creditors of the ability to enforce them. Creditors who relied on the certificate while it stood are shielded from having the limited partner's liabilities wiped out behind their backs. The waiver works internally; it does not rewrite what outside creditors are owed.
What this means in practice
If partners want to release a limited partner from an obligation to the firm, the practical requirements are clear: obtain the documented consent of every member, and understand that the release will not protect the limited partner from creditors the article shields. For a creditor, a waiver among the partners is not a reason to assume a claim has vanished. Because the effectiveness of any waiver depends on unanimity and on the timing of creditors' claims against the certificate, the paperwork and dates need to be checked carefully. A lawyer can confirm whether a given waiver actually holds.