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New York Partnership Law Section 98 - Rights, Powers And Liabilities Of A General Partner.

Legal Research Home > New York Lawyer > Partnership > New York Partnership Law Section 98 - Rights, Powers And Liabilities Of A General Partner.

    § 98.  Rights,  powers  and  liabilities of a general partner.  (1) A
  general partner shall have all the rights and powers and be  subject  to
  all  the  restrictions  and  liabilities  of  a partner in a partnership
  without limited partners, except that without  the  written  consent  or
  ratification  of the specific act by all the limited partners, a general
  partner or all of the general partners have no authority to
    (a) Do any act in contravention of the certificate.
    (b) Do any act which would make it impossible to carry on the ordinary
  business of the partnership.
    (c) Confess a judgment against the partnership.
    (d) Possess partnership property, or assign their rights  in  specific
  partnership property, for other than a partnership purpose.
    (e) Admit a person as a general partner.
    (f)  Admit a person as a limited partner, unless the right so to do is
  given in the certificate.
    (g) Continue the business with  partnership  property  on  the  death,
  retirement  or  insanity of a general partner, unless the right so to do
  is given in the certificate.

Last modified: August 10, 2006