N.Y. Partnership Law 98 – Rights, powers and liabilities of a general partner
§ 98. Rights, powers and liabilities of a general partner. (1) A general partner shall have all the rights and powers and be subject to all the restrictions and liabilities of a partner in a partnership without limited partners, except that without the written consent or ratification of the specific act by all the limited partners, a general partner or all of the general partners have no authority to
Terms Used In N.Y. Partnership Law 98
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
- Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
(a) Do any act in contravention of the certificate.
(b) Do any act which would make it impossible to carry on the ordinary business of the partnership.
(c) Confess a judgment against the partnership.
(d) Possess partnership property, or assign their rights in specific partnership property, for other than a partnership purpose.
(e) Admit a person as a general partner.
(f) Admit a person as a limited partner, unless the right so to do is given in the certificate.
(g) Continue the business with partnership property on the death, retirement or insanity of a general partner, unless the right so to do is given in the certificate.