Sec. 403. (a) Except as provided in this act 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 act, a general partner of a limited partnership has the liabilities of a partner in a partnership without limited partners to persons other than the partnership and the other partners. Except as provided in this act 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 partnership and to the other partners.
Mich. Comp. Laws § 449.1403
General partner; rights and powers; restrictions
Applied in 2 court decisions — leading case In Re Cardinal Industries, Inc. (1990)
Most recently applied in 775 F. Supp. 216 - Schmidt v. Wilbur (October 1991)
1982, Act 213, Eff
Official source: Michigan Legislature. Reproduced from public-domain Michigan statutes; confirm against the official source for the current text. Not legal advice.