§ 8631. Becoming a limited partner.
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§ 8631. Becoming a limited partner.
(a)Upon formation.-- Upon formation of a limited partnership, a person becomes a limited partner as agreed among the persons that are to be the initial partners.
(b)After formation.-- After formation, a person becomes a limited partner:
(1)as provided in the partnership agreement;
(2)as the result of a transaction effective under Chapter 3 (relating to entity transactions);
(3)with the affirmative vote or consent of all the partners; or
(4)as provided in section 8681(a)(4) or
(5)(relating to events causing dissolution).
(c)Noneconomic limited partners.-- A person may become a limited partner without:
(1)acquiring a transferable interest; or
(2)making or being obligated to make a contribution to the limited partnership.
(d)Nature of interest.-- The interest of a limited partner in a limited partnership is personal property.
15c8631v
Cross References. Section 8631 is referred to in section 8612 of this title.
15c8632s