Illinois Statutes
§ 113 — Dual capacity
Illinois·Topic BUSINESS AND EMPLOYMENT·Ch. 805 BUSINESS ORGANIZATIONS·Act 805 ILCS 215/ Uniform Limited Partnership Act (2001).·Art. Article 1 - General Provisions
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.
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Legislative History
(Source: P.A. 93-967, eff. 1-1-05.)
Nearby Sections
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(Repealed)