Section 449.1602 – Right of General Partner to Withdraw; Recovery by Limited Partner for Breach of Partnership Agreement.
449.1602 Right of general partner to withdraw; recovery by limited partner for breach of partnership agreement. Sec. 602. A general partner may withdraw from a limited partnership at any time by giving written notice to the other partners, but if the withdrawal violates the partnership agreement, the limited partnership may recover from the withdrawing general […]
Section 449.1603 – Right of Limited Partner to Withdraw.
449.1603 Right of limited partner to withdraw. Sec. 603. A limited partner may withdraw from a limited partnership at the time or upon the happening of events specified in the certificate of limited partnership, but not before, and in accordance with the partnership agreement. If the certificate does not specify the time or the events […]
Section 449.1604 – Right of Withdrawing Partner to Receive Distribution and Fair Value of Partnership Interest.
449.1604 Right of withdrawing partner to receive distribution and fair value of partnership interest. Sec. 604. Except as provided in this article, upon withdrawal any withdrawing partner is entitled to receive any distribution to which he or she is entitled under the partnership agreement and, if not otherwise provided in the agreement, the withdrawing partner […]
Section 449.1605 – Distribution in Cash or in Kind.
449.1605 Distribution in cash or in kind. Sec. 605. Except as provided in the certificate of limited partnership, a limited partner, and except as provided in the partnership agreement, a general partner, regardless of the nature of the partner’s contribution, has no right to demand and receive any distribution from a limited partnership in any […]
Section 449.1606 – Status and Remedies of Partner as Creditor With Respect to Distribution.
449.1606 Status and remedies of partner as creditor with respect to distribution. Sec. 606. At the time a partner becomes entitled to receive a distribution, the partner has the status of, and is entitled to all remedies available to, a creditor of the limited partnership with respect to the distribution. History: 1982, Act 213, Eff. […]
Section 449.1401 – Admission of Additional General Partners.
449.1401 Admission of additional general partners. Sec. 401. After the filing of a limited partnership’s original certificate of limited partnership, additional general partners may be admitted as provided in the partnership agreement or, if the partnership agreement does not so provide, upon the written consent of all partners. History: 1982, Act 213, Eff. Jan. 1, […]
Section 449.1402 – Events Causing Cessation as General Partner.
449.1402 Events causing cessation as general partner. Sec. 402. Except as approved by the specific written consent of all partners at the time, a person ceases to be a general partner of a limited partnership upon the happening of any of the following events: (1) The general partner withdraws from the limited partnership as provided […]
Section 449.1403 – General Partner; Rights and Powers; Restrictions.
449.1403 General partner; rights and powers; restrictions. Sec. 403. (a) Except as provided in this act or in the partnership agreement, a general partner of a limited partnership has the rights and powers and is subject to the restrictions of a partner in a partnership without limited partners. (b) Except as provided in this act, […]
Section 449.1404 – General Partner; Right to Contribute to Partnership and Share in Profits and Losses as General or Limited Partner; Rights, Powers, Restrictions, and Liabilities of One Person as Both General and Limited Partner.
449.1404 General partner; right to contribute to partnership and share in profits and losses as general or limited partner; rights, powers, restrictions, and liabilities of one person as both general and limited partner. Sec. 404. A general partner of a limited partnership may make contributions to the partnership and share in the profits and losses […]
Section 449.1405 – Voting Rights of General Partners.
449.1405 Voting rights of general partners. Sec. 405. The partnership agreement may grant to all or certain identified general partners the right to vote, on a per capita or any other basis, separately or with all or any class of the limited partners, on any matter. History: 1982, Act 213, Eff. Jan. 1, 1983