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The Vermont Statutes Online

Title 11 : Corporations, Partnerships and Associations

Chapter 023 : LIMITED PARTNERSHIPS

Subchapter 004 : General Partners

(Cite as: 11 V.S.A. § 3433)
  • § 3433. General powers and liabilities

    (a) Except as provided in this chapter 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 chapter, 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 chapter 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. (Added 1997, No. 149 (Adj. Sess.), § 4, eff. Jan. 1, 1999.)