(a) The initial partners of a partnership are admitted as partners upon the formation of the partnership.
(b) After formation, a person is admitted as a partner of the partnership:
(1) as provided in the partnership agreement;
(2) as the result of a transaction effective under Article 9 of this chapter or Article 8 of Chapter 1;
(3) with the consent of all the partners; or
(4) as provided in Section 10A-8A-8.01(6) or 10A-8A-8.01(7).
(c) Each person to be admitted as a partner to a partnership formed under either Section 10A-8A-2.01(a)(1) or 10A-8A-2.01(a)(2) may be admitted as a partner without:
(1) acquiring a transferable interest; or
(2) making or being obligated to make a contribution to the partnership.
Last modified: May 3, 2021