(a) A person acquiring a partnership interest is admitted as a limited partner upon the later to occur of: (1) The formation of a limited partnership; or (2) The time provided in a partnership agreement, or if no time is provided in the agreement, then when the person's admission is reflected in the records of the limited partnership. (b) After the filing of the initial certificate, 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: (i) On compliance with the partnership agreement; or (ii) With the consent of all partners; and (2) In the case of an assignee of a partnership interest of a partner who has the power, under § 10-703 of this title, 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.
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