Wisconsin Code § 178.0503

(1) All of
the following apply to a transfer, in whole or in part, of a transferable interest:
(a) It is permissible.
(b) It does not by itself cause a person’s dissociation as a partner or a dissolution and winding up of the partnership business.
(c) Subject to s. 178.0505, it does not entitle the transferee to
do any of the following:
1. Participate in the management or conduct of the partnership’s business.
2. Except as otherwise provided in sub. (3), have access to
records or other information concerning the partnership’s
business.
(2) A transferee has the right to all of the following:
(a) To receive, in accordance with the transfer, distributions to
which the transferor would otherwise be entitled.
(b) To seek under s. 178.0801 (5) a judicial determination that
it is equitable to wind up the partnership business.
(3) In a dissolution and winding up of a partnership, a transferee is entitled to an account of the partnership’s transactions
only from the date of dissolution.
(4) A partnership need not give effect to a transferee’s rights
under this section until the partnership knows or has notice of the
transfer.
(5) A transfer of a transferable interest in violation of a valid
restriction on transfer contained in the partnership agreement is
ineffective if the intended transferee has knowledge or notice of
the restriction at the time of transfer.
(6) Except as otherwise provided in s. 178.0601 (4) (b), if a
partner transfers a transferable interest, the transferor retains the
rights of a partner other than the transferable interest transferred
and retains all the duties and obligations of a partner.
(7) If a partner transfers a transferable interest to a person that
becomes a partner with respect to the transferred interest, the
transferee is liable for the partner’s obligations under ss.
178.0404 and 178.0407 known to the transferee when the transferee becomes a partner.

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