SECTION 17. Limited partners  


Latest version.
  • (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 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 section forty-two, 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.