A general partner of a limited partnership may make contributions to, and share in the profits and losses of and in distributions from, the limited partnership as a general partner. A general partner also may make contributions to, and share in the profits, losses, and distributions of, the limited partnership as a limited partner.
A person who is both a general, and a limited partner, shall have all the rights and powers, and be subject to all the restrictions and liabilities of a general partner. Except as otherwise provided in the partnership agreement, a person who is both a general and a limited partner shall have the powers, and be subject to the restrictions, of a limited partner to the extent of his participation in the partnership as a limited partner.
Effective Date: 04-01-1985Section: Previous 1782.20 1782.21 1782.22 1782.23 1782.24 1782.241 1782.242 1782.25 1782.26 1782.27 1782.28 1782.29 1782.30 1782.31 1782.32 Next
Last modified: October 10, 2016