Legislation
SECTION 121-403
General powers and liabilities
Partnership (PTR) CHAPTER 39, ARTICLE 8-A
§ 121-403. General powers and liabilities. (a) Except as provided in
this article or in the partnership agreement, a general partner of a
limited partnership has the rights and powers and is subject to the
restrictions of a partner in a partnership without limited partners.
(b) Except as provided in this article, a general partner of a limited
partnership has the liabilities of a partner in a partnership without
limited partners to persons other than the limited partnership and the
other partners.
(c) Except as provided in this article or in the partnership
agreement, a general partner of a limited partnership has the
liabilities of a partner in a partnership without limited partners to
the limited partnership and to the other partners.
this article or in the partnership agreement, a general partner of a
limited partnership has the rights and powers and is subject to the
restrictions of a partner in a partnership without limited partners.
(b) Except as provided in this article, a general partner of a limited
partnership has the liabilities of a partner in a partnership without
limited partners to persons other than the limited partnership and the
other partners.
(c) Except as provided in this article or in the partnership
agreement, a general partner of a limited partnership has the
liabilities of a partner in a partnership without limited partners to
the limited partnership and to the other partners.