362.433 Admission of limited partners.
162 words·~1 min read·
/ky/chapter-362/362-433A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
(1)A person shall become a limited partner on the later of:
(a)The date the original certificate of limited partnership is filed; or
(b)At any later date specified in the records of the limited partnership as the date
that person shall become a limited partner.
(2)After the filing of a limited partnership's original certificate of limited partnership, a
person may be admitted as an additional limited partner:
(a)In the case of a person acquiring a partnership interest directly from the
limited partnership, upon compliance with the partnership agreement or, if the
partnership agreement does not so provide, upon the written consent of all
partners; and
(b)In the case of an assignee of a partnership interest of a partner who has the
power, as provided in KRS 362.483, 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.