§ 50-73.22:1 — Admission of limited partners

Virginia § 50-73.22:1

• Jurisdiction: Virginia
• Title 50: PARTNERSHIPS
• Ch. 2.1: VIRGINIA REVISED UNIFORM LIMITED PARTNERSHIP ACT
• Art. 3: LIMITED PARTNERS

Text

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 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 § 50-73.47, 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

1987, c. 702.