16-19-301. Becoming limited partners.
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/ut/title-16/chapter-19/16-19-301·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Effective 10/1/2026
16-19-301. Becoming limited partners.
(1)Upon formation of a limited partnership, a person becomes a limited partner as agreed among the persons that are to be the initial partners.
(2)After formation, a person becomes a limited partner:
(a)as provided in the partnership agreement;
(b)as the result of a transaction effective under:
(i)Chapter 1a, Part 7, Merger;
(ii)Chapter 1a, Part 8, Interest Exchange;
(iii)Chapter 1a, Part 9, Conversion; or
(iv)Chapter 1a, Part 10, Domestication;
(c)with the affirmative vote or consent of all the partners; or
(d)as provided in Subsection 16-19-801(1)(d) or (1)(e) .
(3)A person may become a partner without:
(a)acquiring a transferable interest; or
(b)making or being obligated to make a contribution to the limited partnership.
Renumbered and Amended by Chapter 93 , 2026 General Session