§ 56-1a201 — Admission of additional limited partners

Kansas § 56-1a201

• Jurisdiction: Kansas
• Ch. 56: PARTNERSHIPS
• Art. 1a: REVISED UNIFORM LIMITED PARTNERSHIP ACT

Text

(a) A person becomes a limited partner:
(1) At the time the limited partnership is formed; or
(2) at any later time specified in the records of the limited partnership for becoming a limited partner.
(b) After the filing of a limited partnership's initial 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 K.S.A. 56-1a404 and amendments thereto, 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.

Legislative History

L. 1983, ch. 88, § 18; L. 1987, ch. 208, § 8; July 1.