48-7-301. Admission of limited partners.
160 words·~1 min read·
/sd/title-48/chapter-48-7/48-7-301A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
(a)A person becomes a limited partner on the later of:
(1)The date the original certificate of limited partnership is filed; or
(2)The date stated in the records of the limited partnership as the date that person becomes 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 § 48-7-704 , 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.