Sec. 4. (a) A general partner of a limited partnership may make contributions to the partnership, share in the profits and losses of the partnership, and share in distributions from the limited partnership as a general partner. A general partner also may make contributions and share in profits, losses, and distributions as a limited partner.
(b) A person who is both a general partner and a limited partner has the rights and powers of a general partner and is subject to the restrictions and liabilities of a general partner and, except as provided in the partnership agreement, also has the powers, and is subject to the restrictions, of a limited partner to the extent of the person's participation in the partnership as a limited partner.
As added by P.L.147-1988, SEC.1.
Structure Indiana Code
Title 23. Business and Other Associations
Article 16. Limited Partnerships
23-16-5-1. Admission of Additional General Partners
23-16-5-2. Events of Withdrawal
23-16-5-3. General Powers and Liabilities
23-16-5-4. Contributions by General Partner
23-16-5-5. Classes or Groups of General Partners; Rights, Powers, and Duties; Voting