State Codes and Statutes

State Codes and Statutes

Statutes > North-carolina > Chapter_59 > GS_59-404

§59‑404.  Contributions by a general partner.

A general partner of a limitedpartnership may make contributions to the partnership and share in the profitsand losses of, and in distributions from, the limited partnership as a generalpartner. 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 generalpartner and a limited partner has the rights and powers, and is subject to therestrictions and liabilities, of a general partner and, except as provided inthe partnership agreement, also has the powers, and is subject to therestrictions, of a limited partner to the extent of his participation in thepartnership as a limited partner. (1985 (Reg. Sess., 1986), c.989, s. 2.)