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Strategies & Market Trends : Player's Club Speculative Futures -- Ignore unavailable to you. Want to Upgrade?

To: Bull RidaH who wrote (83)	1/23/2000 9:40:00 AM
From: Bull RidaH	Respond to of 185

Chip, Here are the relevant parts of S.C. Partnership law, which derives it's basis from RULPA (Revised Uniform Limited Partnership Act... I think). Most states base their partnership law on the same provisions found in RULPA. S 33-42-630 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. __________________________ So in essence, general partners have the same powers and liabilities as partners have in a general partnership, especially relating to 3rd parties. A review of a partnership brokerage agreement confirms this. Regards, David