(a) A person becomes a limited partner
(1) at the time the limited partnership is formed; or
(2) at a later time specified in the records of the limited partnership for becoming a limited partner.
(b) After the filing of a limited partnership's original 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 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 under AS 32.11.350 to grant the assignee the right to become a limited partner, upon the exercise of that power and compliance with conditions limiting the grant or exercise of the power.
Section: 32.11.100 32.11.110 32.11.120 32.11.130 32.11.140 NextLast modified: November 15, 2016