42:2A-33 - Contributions by general partner; profits and losses; distributions - New Jersey Statutes

42:2A-33.    Contributions by general partner; profits and losses; distributions
    Contributions by general partner; profits and losses; distributions.  A general partner of a limited partnership may make contributions to the partnership and share in the profits and losses of, and in distributions from, the limited partnership as a general partner.  A general partner also make make contributions to and share in profits, losses, and distributions as a limited partner.  A person who is both a general partner and a limited partner has the rights and powers, 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 his participation in the partnership as a limited partner.

   L. 1983, c. 489, s. 32, eff. April 1, 1985.