Public-domain · open source
OpenJurist

N.Y. Partnership Law § 121-403

General powers and liabilities

2014-09-22

§ 121-403. General powers and liabilities. (a) Except as provided in\nthis article or in the partnership agreement, a general partner of a\nlimited partnership has the rights and powers and is subject to the\nrestrictions of a partner in a partnership without limited partners.\n (b) Except as provided in this article, a general partner of a limited\npartnership has the liabilities of a partner in a partnership without\nlimited partners to persons other than the limited partnership and the\nother partners.\n (c) Except as provided in this article or in the partnership\nagreement, a general partner of a limited partnership has the\nliabilities of a partner in a partnership without limited partners to\nthe limited partnership and to the other partners.\n

Official source: NYS Open Legislation (New York State Senate). Reproduced from public-domain New York statutes; confirm against the official source for the current text. Not legal advice.