§ 96. Limited partner not liable to creditors. A limited partner\nshall not become liable as a general partner unless, in addition to the\nexercise of his rights and powers as a limited partner, he takes part in\nthe control of the business; and the exercise of the rights and powers\ngranted by subdivision three of section ninety-nine of this chapter\nshall not constitute taking part in the control of the business. The\ncommencement of or other participation by a limited partner in an action\nbrought pursuant to section one hundred fifteen-a of this article shall\nnot be deemed to be a taking part in the control of the business within\nthe meaning of this section.\n
N.Y. Partnership Law § 96
Limited partner not liable to creditors
2014-09-22
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.