O.C.G.A.

O.C.G.A. § 14-9-404 (2019)

Rights, powers, and liabilities of general partner who is also limited partner

✓ O.C.G.A. — 2019 edition (Public.Resource.Org Release 73)

Code text and O.C.G.A. statutory annotations on this page reflect the 2019 Official Code of Georgia Annotated (Public.Resource.Org Release 73, 2019-08-21; public domain per Georgia v. Public.Resource.Org, 2020). The Syfert case-law annotations in Notes of Decisions, below, are current.

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A person may be both a general partner and a limited partner in a limited partnership if his interests are separately designated in the partnership agreement. 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 rights and powers and is subject to the restrictions and liabilities, if any, of a limited partner to the extent of his participation in the partnership as a limited partner.

History

(Code 1981, § 14-9-404, enacted by Ga. L. 1988, p. 1016, § 1.)

Annotations

COMMENT Note to Georgia Revised Uniform Limited Partnership Act This section permits a person to be both a general and a limited partner in a limited partnership and provides rules governing this dual status. Prior Georgia Law Section 14-9A-24 is similar. Comparison With Official RULPA This section is the same as the official version. RESEARCH REFERENCES Am. Jur. 2d. - 59A Am. Jur. 2d, Partnership, § 846 et seq. C.J.S. - 68 C.J.S., Partnership, § 588.