Another guy and I are the general partner for a limited partnership that owns a home in need of total rehab. He is dragging his feet on beginning renovations, which is costing the partnership the cost of the mortgage each month. To make matters far worse, he is living in this house, while his own home is under renovation (partly explaining why he is dragging his feet). I have some serious ethical problems with the way he is executing his duties as part of the GP, have voiced my opinion and have filled out my state’s form to withdraw as a GP.
My question is . . can a limited partner(s) sue the general partnership for breach of contract or negligence of some sort? The partnership agreement does not spell out a specific timeline for construction, but the whole
I think I need to wash my hands of this project. Knowing I could be sued as a result of his actions would be just the push I need to file the papers.
Thanks,
spciii