178.0503 Transfer of transferable interest.
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/wi/chapter-178/178-0503-2A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
178.0503 Transfer of transferable interest.
(1)All of the following apply to a transfer, in whole or in part, of a transferable interest:
(a)It is permissible.
(b)It does not by itself cause a person’s dissociation as a partner or a dissolution and winding up of the partnership business.
(c)Subject to s. 178.0505 , it does not entitle the transferee to do any of the following:
1. Participate in the management or conduct of the partnership’s business.
2. Except as otherwise provided in sub.
(3), have access to records or other information concerning the partnership’s business.
(2)A transferee has the right to all of the following:
(a)To receive, in accordance with the transfer, distributions to which the transferor would otherwise be entitled.
(b)To seek under s. 178.0801
(5)a judicial determination that it is equitable to wind up the partnership business.