A person may be both a general partner and a limited partner. A person that is both a general and limited partner has the rights, powers, duties and obligations provided by the Uniform Revised Limited Partnership Act and the partnership agreement in each of those capacities. When the person acts as a general partner, the person is subject to the obligations, duties and restrictions pursuant to that act and the partnership agreement for general partners. When the person acts as a limited partner, the person is subject to the obligations, duties and restrictions pursuant to that act and the partnership agreement for limited partners.
History: Laws 2007, ch. 129, § 113.
Effective dates. — Laws 2007, ch. 129, § 1208 made the section effective January 1, 2008.
Structure 2021 New Mexico Statutes
Article 2A - Uniform Revised Limited Partnership Act
Article 1 - General Provisions
Section 54-2A-101 - Short title.
Section 54-2A-102 - Definitions.
Section 54-2A-103 - Knowledge and notice.
Section 54-2A-104 - Nature, purpose and duration of entity.
Section 54-2A-106 - Governing law.
Section 54-2A-107 - Supplemental principles of law; rate of interest.
Section 54-2A-109 - Reservation of name.
Section 54-2A-110 - Effect of partnership agreement; nonwaivable provisions.
Section 54-2A-111 - Required information.
Section 54-2A-112 - Business transactions of partner with partnership.
Section 54-2A-113 - Dual capacity.
Section 54-2A-114 - Office and agent for service of process.
Section 54-2A-115 - Change of designated office or agent for service of process.
Section 54-2A-116 - Resignation of agent for service of process.
Section 54-2A-117 - Service of process.