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Oklahoma · Snapshot open-us-law v2026.08, retrieved 2026-09-14

Okla. Stat. tit. 54, § 54-500-406A: Management rights of general partner

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  1. OK Code
  2. Title 54

MANAGEMENT RIGHTS OF GENERAL PARTNER.

(a) Each general partner has equal rights in the management and

conduct of the limited partnership’s activities. Except as

expressly provided in the Uniform Limited Partnership Act of 2010,

any matter relating to the activities of the limited partnership may

be exclusively decided by the general partner or, if there is more

than one general partner, by a majority of the general partners.

(b) The consent of each partner is necessary to:

(1) amend the partnership agreement;

(2) amend the certificate of limited partnership to add or,

subject to Section 97 of this act, delete a statement that the

limited partnership is a limited liability limited partnership; and

(3) sell, lease, exchange, or otherwise dispose of all, or

substantially all, of the limited partnership’s property, with or

without the good will, other than in the usual and regular course of

the limited partnership’s activities.

(c) A limited partnership shall reimburse a general partner for

payments made and indemnify a general partner for liabilities

incurred by the general partner in the ordinary course of the

activities of the partnership or for the preservation of its

activities or property.

(d) A limited partnership shall reimburse a general partner for

an advance to the limited partnership beyond the amount of capital

the general partner agreed to contribute.

(e) A payment or advance made by a general partner which gives

rise to an obligation of the limited partnership under subsection

(c) or (d) of this section constitutes a loan to the limited

partnership which accrues interest from the date of the payment or

advance.

(f) A general partner is not entitled to remuneration for

services performed for the partnership.

Collected 2026-09-14T18:32:36Z. Source file · JSON

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