805 ILCS 215/113

Current through Public Acts 103-1 through 103-587, 103-589, and 103-590
Section 805 ILCS 215/113 - Dual capacity

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 Act 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 Act 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 Act and the partnership agreement for limited partners.

805 ILCS 215/113

Added by P.A. 093-0967, § 113, eff. 1/1/2005.