There Is a Newer Version of the New York Consolidated Laws
2012 New York Consolidated Laws
PTR - Partnership
Article 8 - (90 - 119) LIMITED PARTNERSHIPS.
100 - Status of person erroneously believing himself a limited partner.
NY Pship L § 100 (2012) What's This?
§ 100. Status of person erroneously believing himself a limited
partner. A person who has contributed to the capital of a business
conducted by a person or partnership erroneously believing that he has
become a limited partner in a limited partnership is not, by reason of
his exercise of the rights of a limited partner, a general partner with
the person or in the partnership carrying on the business, or bound by
the obligations of such person or partnership; provided that on
ascertaining the mistake he promptly renounces his interest in the
profits of the business, or other compensation by way of income.
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