Va. Code Ann. § 50-73.29

General powers and liabilities

Known as the Virginia Revised Uniform Limited Partnership Act

The act spans §§ 50-73.1 to 50-73.9 (105 sections).

Applied in 1 court decision — leading case Lucas v. Medical Facilities of America, Inc. (2007)

Most recently applied in Lucas v. Medical Facilities of America, Inc. (September 2007)

1985, c. 607.

A. Except as provided in this chapter or in the partnership agreement, a general partner of a limited partnership has the rights and powers of a partner in a partnership without limited partners.

B. Except as provided in this chapter, 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 chapter 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.

Official source: Virginia Law Portal (LIS). Reproduced from public-domain Virginia statutes; confirm against the official source for the current text. Not legal advice.