(a) Upon formation.-- Upon formation of a limited partnership, a person becomes a limited partner as agreed among the persons that are to be the initial partners. (b) After formation.-- After formation, a person becomes a limited partner: (1) as provided in the partnership agreement; (2) as the result of a transaction effective under Chapter 3 (relating to entity transactions); (3) with the affirmative vote or consent of all the partners; or (4) as provided in section 8681(a)(4) or (5) (relating to events causing dissolution). (c) Noneconomic limited partners.-- A person may become a limited partner without: (1) acquiring a transferable interest; or (2) making or being obligated to make a contribution to the limited partnership. (d) Nature of interest.-- The interest of a limited partner in a limited partnership is personal property.
‹ Prev All Pennsylvania sections Next ›
Lexace provides legal information, not legal advice, and no attorney–client relationship is created. Statute text is provided for general information and may not reflect the most recent amendments; verify against the official state code.