§ 101. One person both general and limited partner. (1) A person may be a general partner and a limited partner in the same partnership at the same time.

Terms Used In N.Y. Partnership Law 101

  • 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.

(2) A person who is a general, and also at the same time a limited partner, shall have all the rights and powers and be subject to all the restrictions of a general partner; except that, in respect to his contributions, he shall have the rights against the other members which he would have had if he were not also a general partner.

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