29-317. Admission of limited partners
151 words·~1 min read·
/az/title-29/29-317A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
A. A person becomes a limited partner:
1. At the time the limited partnership is formed; or
2. At any later time specified in the records of the limited partnership for becoming a limited partner.
B. After the filing of a limited partnership's original certificate of limited partnership, a person may be admitted as an additional limited partner:
1. In the case of a person acquiring a partnership interest directly from the limited partnership, upon the compliance with the partnership agreement or, if the partnership agreement does not so provide, upon the written consent of all partners; and
2. In the case of an assignee of a partnership interest of a partner who has the power, as provided in section 29-342, to grant the assignee the right to become a limited partner, upon the exercise of that power and compliance with any conditions limiting the grant or exercise of the power.