A general partner of a limited partnership may make contributions to the partnership and share in the profits and losses of and in distributions from the limited partnership as a general partner. A general partner also may make contributions to and share in the profits, losses and distributions as a limited partner. A person who is both a general partner and a limited partner has the rights and powers and is subject to the restrictions and liabilities of a general partner and, except as provided in the partnership agreement, also has the powers and is subject to the restrictions of a limited partner to the extent of the person’s participation in the partnership as a limited partner.
ORS 70.190
Known as the Uniform Limited Partnership Act
The act spans §§ 70–70 (90 sections).
Applied in 1 court decision — leading case Bishop v. Department of Revenue (1996)
Most recently applied in Bishop v. Department of Revenue (April 1996)
1985 c.677 §26
Official source: Oregon State Legislature. Reproduced from public-domain Oregon statutes; confirm against the official source for the current text. Not legal advice.