Series 22: 1.1.3.2.3. Limited Partners’ Rights And Obligations

 1.1.3.2.3.  Limited Partners’ Rights and Obligations

While limited partners are not permitted to take any role in the day-to-day operations of the partnership, they do have some say in how the business is run. We have already seen that they have the right to vote in new or substitute partners, amend the partnership, approve a call for additional capital, and approve the early dissolution of the business. They may also vote to amend operating agreements or to remove or change the powers of the general partners. If the sole remaining partner dies, is incompetent, or goes bankrupt, limited partners may also vote whether to stay in business or dissolve it. Each partnership agreement will spell out which of the partne