§ 48-2e-401. Becoming general partner.

Latest version.

(1)

A person becomes a general partner:

(a)	upon formation of a limited partnership, as agreed among the persons that are to be the initial partners; and

(b)

after formation:

(i)	as provided in the partnership agreement;

(ii)	under Subsection 48-2e-801(1)(c)(ii) following the dissociation of a limited partnership's last general partner;

(iii)

as the result of a transaction effective under Part 11, Merger, Interest Exchange, Conversion, and Domestication; or

(iv)	with the affirmative vote or consent of all the partners.

(2)

A person may become a general partner without:

(a)	acquiring a transferable interest; or

(b)	making or being obligated to make a contribution to the limited partnership.

Enacted by Chapter 412, 2013 General Session

                    
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