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 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 his participation in the partnership as a limited partner.
S.C. Code Ann. § 33-42-640
Contributions by general partner
Known as the Uniform Limited Partnership Act
The act spans §§ 33–33 (73 sections).
1984 Act No. 491, SECTION 1; 1985 Act No. 11, SECTIONS 3, 4; 1986 Act No. 533, SECTION 1.
Official source: South Carolina Legislature. Reproduced from public-domain South Carolina statutes; confirm against the official source for the current text. Not legal advice.