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Current as of January 01, 2025 | Updated by Findlaw Staff
Sec. 403. (a) Except as provided in this act or in the partnership agreement, a general partner of a limited partnership has the rights and powers and is subject to the restrictions of a partner in a partnership without limited partners.
(b) Except as provided in this act, a general partner of a limited partnership has the liabilities of a partner in a partnership without limited partners to persons other than the partnership and the other partners. Except as provided in this act or in the partnership agreement, a general partner of a limited partnership has the liabilities of a partner in a partnership without limited partners to the partnership and to the other partners.
Cite this article: FindLaw.com - Michigan Compiled Laws, Chapter 449. Partnerships § 449.1403 - last updated January 01, 2025 | https://codes.findlaw.com/mi/chapter-449-partnerships/mi-comp-laws-449-1403/
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