Legal Research Home > New York Lawyer > Partnership > New York Partnership Law Section 100 - Status Of Person Erroneously Believing Himself A Limited Partner.




    § 100.  Status  of  person  erroneously  believing  himself a limited
  partner.  A person who has contributed to  the  capital  of  a  business
  conducted  by  a person or partnership erroneously believing that he has
  become a limited partner in a limited partnership is not, by  reason  of
  his  exercise of the rights of a limited partner, a general partner with
  the person or in the partnership carrying on the business, or  bound  by
  the  obligations  of  such  person  or  partnership;  provided  that  on
  ascertaining the mistake he  promptly  renounces  his  interest  in  the
  profits of the business, or other compensation by way of income.

Last modified: August 9, 2006