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Code · Iowa · Chapter 488 — Uniform Limited Partnership Act

488.113 Dual capacity.

104 words·~1 min read·/ia/chapter-488-uniform-limited-partnership-act/488-113·

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

A person may be both a general partner and a limited partner. A person that is both a general and limited partner has the rights, powers, duties, and obligations provided by this chapter and the partnership agreement in each of those capacities. When the person acts as a general partner, the person is subject to the obligations, duties, and restrictions under this chapter and the partnership agreement for general partners. When the person acts as a limited partner, the person is subject to the obligations, duties, and restrictions under this chapter and the partnership agreement for limited partners.
2004 Acts, ch 1021, §13, 118
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