{"data":{"id":"us-ky/krs-362.2-406","jurisdiction":"us-ky","citation":"KRS 362.2-406","heading":"Management rights of general partner.","body":"(1) Each general partner has equal rights in the management and conduct of the limited\npartnership's activities. Except as expressly provided in this subchapter, any matter\nrelating to the activities of the limited partnership may be exclusively decided by\nthe general partner or, if there is more than one (1) general partner, by a majority of\nthe general partners.\n(2) The consent of each partner is necessary to:\n(a) Amend the partnership agreement;\n(b) Amend the certificate of limited partnership to add or, sub ject to KRS 362.2 -\n960, delete a statement that the limited partnership is a limited liability limited\npartnership; or\n(c) Sell, lease, exchange, or otherwise dispose of all or substantially all of the\nlimited partnership's property, with or without the goo d will, other than in the\nusual and regular course of the limited partnership's activities.\n(3) A limited partnership shall reimburse a general partner for payments made and\nindemnify a general partner for liabilities incurred by the general partner in the\nordinary course of the activities of the partnership or for the preservation of its\nactivities or property.\n(4) A limited partnership shall reimburse a general partner for an advance to the limited\npartnership beyond the amount of capital the general partner agreed to contribute.\n(5) A payment or advance made by a general partner which gives rise to an obligation\nof the limited partnership under subsection (3) or (4) of this section constitutes a\nloan to the limited partnership which accrues interest from the date of the payment\nor advance.\n(6) A general partner is not entitled to remuneration for services performed for the\npartnership.","path":[],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=34588","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:58:58Z","sha256":"f039c0e3c9d4c5296da8244a61c226e3bec1e7ea36952dfb6489141d34a6c2eb","source_id":"us-ky","stale":false,"prev":"us-ky/krs-362.2-405","next":"us-ky/krs-362.2-407"},"notice":"GroundRules: Original legal text. Not legal advice."}