§1351. Becoming general partner A person becomes a general partner: [PL 2005, c. 543, Pt. C, §2 (NEW).] 1. Partnership agreement. As provided in the partnership agreement; [PL 2005, c. 543, Pt. C, §2 (NEW).] 2. Admitted general partner. Under section 1391, subsection 3, paragraph B following the dissociation of a limited partnership’s […]
§1352. General partner agent of limited partnership 1. Agent if carrying on in the ordinary course of activities. Each general partner is an agent of the limited partnership for the purposes of its activities. An act of a general partner, including the signing of a record in the partnership’s name, for apparently carrying on in […]
§1353. Limited partnership liable for general partner’s actionable conduct 1. General partner acting in ordinary course or with authority. A limited partnership is liable for loss or injury caused to a person, or for a penalty incurred, as a result of a wrongful act or omission or other actionable conduct of a general partner acting […]
§1354. General partner’s liability 1. Joint and several liability. Except as otherwise provided in subsections 2 and 3, all general partners are liable jointly and severally for all obligations of the limited partnership unless otherwise agreed by the claimant or provided by law. [PL 2005, c. 543, Pt. C, §2 (NEW).] 2. Pre-existing obligation. […]
§1355. Actions by and against partnership and partners 1. General partner as party. To the extent not inconsistent with section 1354, a general partner may be joined in an action against the limited partnership or named in a separate action. [PL 2005, c. 543, Pt. C, §2 (NEW).] 2. Judgment against limited partnership. A […]
§1356. Management rights of general partner 1. General partner or partners. Each general partner has equal rights in the management and conduct of the limited partnership’s activities. Except as expressly provided in this chapter, any matter relating to the activities of the limited partnership may be exclusively decided by the general partner or, if there […]
§1357. Right of general partner and former general partner to information 1. Right to inspect and copy. A general partner, without having any particular purpose for seeking the information, may inspect and copy during regular business hours: A. In the limited partnership’s principal office, required information; and [PL 2007, c. 323, Pt. F, […]
§1358. General standards of general partner’s conduct 1. Fiduciary duties. The only fiduciary duties that a general partner has to the limited partnership and the other partners are the duties of loyalty and care under subsections 2 and 3. [PL 2005, c. 543, Pt. C, §2 (NEW).] 2. Duty of loyalty. A general partner’s […]
