North Carolina § 59-301 Admission of limited partners

North Carolina Statutes

§ 59-301 — Admission of limited partners

North Carolina § 59-301

Ch. 59Partnership

Art. 5Revised Uniform Limited Partnership Act

This text of North Carolina § 59-301 (Admission of limited partners) is published on Counsel Stack Legal Research, covering North Carolina primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

N.C. Gen. Stat. § 59-301 (2026).

Text

(a)In connection with the formation of a limited partnership, a person is admitted as a limited partner upon the later to occur of:

(1)The formation of the limited partnership; or

(2)The time provided for becoming a limited partner pursuant to and upon compliance with the partnership agreement.

(b)After the formation of a 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, at the time provided pursuant to, and upon the compliance with, the partnership agreement; and

(2)In the case of an assignee of a partnership interest of a partner who has the power, as provided in G.S. 59-704, to grant the assignee the right to become a limited partner, upon the exercise o

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(a) In connection with the formation of a limited partnership, a person is admitted as a limited partner upon the later to occur of:
(1) The formation of the limited partnership; or
(2) The time provided for becoming a limited partner pursuant to and upon compliance with the partnership agreement.
(b) After the formation of a 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, at the time provided pursuant to, and upon the compliance with, the partnership agreement; and
(2) In the case of an assignee of a partnership interest of a partner who has the power, as provided in G.S. 59-704, 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. (1985 (Reg. Sess., 1986), c. 989, s. 2; 1999-362, s. 16.)