§ 34-16 — Admission of additional limited partners.

After the formation of a limited partnership, a person becomes a limited partner on the later of: (1) The date the limited partnership is formed; (2) 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; or (3) In the case of an assignee of a partnership interest of a partner who has the power, as provided in section 34-27a , 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. See Sec. 34-38b re inapplicability of provisions as amended by P.A. 86-379 to partnerships existing before October 1, 1986.

Legislative History

(1961, P.A. 79, S. 8; P.A. 79-440, S. 16; P.A. 86-379, S. 9.) History: P.A. 79-440 replaced previous provision whereby additional partners could be admitted “upon filing an amendment to the original certificate in accordance with the requirements of section 34-33”; P.A. 86-379 substituted “formation” for “filing” and revised language by adding “a person becomes a limited partner on the later of: (1) The date the limited partnership is formed”, renumbering former subdivisions, changing “and” to “or” and deleting Subsec. (b). Cited. 196 C. 270.