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This entry was published on 2014-09-22
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SECTION 96
Limited partner not liable to creditors
Partnership (PTR) CHAPTER 39, ARTICLE 8
§ 96. Limited partner not liable to creditors. A limited partner
shall not become liable as a general partner unless, in addition to the
exercise of his rights and powers as a limited partner, he takes part in
the control of the business; and the exercise of the rights and powers
granted by subdivision three of section ninety-nine of this chapter
shall not constitute taking part in the control of the business. The
commencement of or other participation by a limited partner in an action
brought pursuant to section one hundred fifteen-a of this article shall
not be deemed to be a taking part in the control of the business within
the meaning of this section.