Public-domain · open source
OpenJurist

K.S.A. 56-1a201

Admission of additional limited partners

L. 1983, ch. 88, § 18; L. 1987, ch. 208, § 8; July 1.

(a) A person becomes a limited partner:

(1) At the time the limited partnership is formed; or

(2) at any later time specified in the records of the limited partnership for becoming a limited partner.

(b) After the filing of a limited partnership's initial 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 so 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, as provided in K.S.A. 56-1a404 and amendments thereto, 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.

Official source: Kansas Office of Revisor of Statutes. Reproduced from public-domain Kansas statutes; confirm against the official source for the current text. Not legal advice.