Sec. 34-20. Contributions and sharing in profits, losses and distributions by general partners. Rights, powers, restrictions and liabilities of general partners who are also limited partners.
Sec. 34-20. Contributions and sharing in profits, losses and distributions by
general partners. Rights, powers, restrictions and liabilities of general partners
who are also limited partners. 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 shall have all the rights and
powers and be subject to all the restrictions and liabilities of a general partner and, except
as provided in the partnership agreement, shall also have 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.
(1961, P.A. 79, S. 12; P.A. 79-440, S. 24.)
History: P.A. 79-440 rephrased previous provisions.
Cited. 43 CA 801.