Following NYS Laws on Partnerships interested in the corresponding point of Accounting obligations and here to support Partnerships and Private Equity on Financials, Accounting and Taxes:
NYS Partnership Law: PTR - Article 8 - Limited Partnership
§ 98. Rights, powers and liabilities of a general partner. (1) A
general partner shall have all the rights and powers and be subject to
all the restrictions and liabilities of a partner in a partnership
without limited partners, except that without the written consent or
ratification of the specific act by all the limited partners, a general
partner or all of the general partners have no authority to
(a) Do any act in contravention of the certificate.
(b) Do any act which would make it impossible to carry on the ordinary
business of the partnership.
(c) Confess a judgment against the partnership.
(d) Possess partnership property, or assign their rights in specific
partnership property, for other than a partnership purpose.
(e) Admit a person as a general partner.
(f) Admit a person as a limited partner, unless the right so to do is
given in the certificate.
(g) Continue the business with partnership property on the death,
retirement or insanity of a general partner, unless the right so to do
is given in the certificate.
As of read date 2/3/12 ALL NYS Laws subject to change and update, for best results consult a New York State Attorney for the corresponding Legal needs.
DCarsonCPA.com here to support Business, Non Profit and Individual Clients we connect with the Standards and Rules that guide Accounting, Taxes, Compliance and more and bring the analytical skill set to assist on Business Analysis and Financial Analysis. Interested in supporting Partnerships and Private Equity along with other Clients. Visit our website for more details or e-mail info@dcarsoncpa.com
No comments:
Post a Comment