Posted: 01 Sep 2009 at 14:31 | IP Logged
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fightonusc, where did you get that information from? I found the following in the Wiley software (although I think my Wiley software is 1 version older than the latest):
3. Rights of partners in limited partnership
a. General partners manage partnership
b. Limited partners invest
(1) Limited partner who manages partnership substantially like general partner obtains liability like general partner to third parties who believed s/he was general partner
(2) Limited partner allowed to do following without risking loss of limited protection
(a) Acting as an agent or employee of limited partnership or as a general partner
(b) Consulting with and advising general partner about business
(c) Approving or disapproving amendments to limited partnership agreement
(d) Voting on dissolution or winding up of limited partnership
(e) Voting on loans of limited partnership
(f) Voting on change in nature of business
(g) Voting on removal of a general partner
(h) Bringing derivative lawsuit or limited partner on behalf of limited partnership
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