N.C. Gen. Stat. § 59-301
Admission of limited partners
Redline — June 1, 2021 → current.View current text →
Current — April 1, 2022
As of June 1, 2021
(1) In connection with the formation of a limited partnership, a person is admitted as a limited partner upon the later to occur of: The formation of the limited partnership; or
(1) In connection with the formation of a limited partnership, a person is admitted as a limited partner upon the later to occur of: The formation of the limited partnership; or
(2) The time provided for becoming a limited partner pursuant to and upon compliance with the partnership agreement.
(2) The time provided for becoming a limited partner pursuant to and upon compliance with the partnership agreement.
(3) After the formation of a limited partnership, a person may be admitted as an additional limited partner: In the case of a person acquiring a partnership interest directly from the limited partnership, at the time provided pursuant to, and upon the compliance with, the partnership agreement; and
(3) After the formation of a limited partnership, a person may be admitted as an additional limited partner: In the case of a person acquiring a partnership interest directly from the limited partnership, at the time provided pursuant to, and upon the compliance with, the partnership agreement; and
(4) In the case of an assignee of a partnership interest of a partner who has the power, as provided in G.S. 59-704, 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.
(4) In the case of an assignee of a partnership interest of a partner who has the power, as provided in G.S. 59-704, 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.
History
(1985 (Reg. Sess., 1986), c. 989, s. 2; 1999-362, s. 16.)
Legal Periodicals. - For article, "The Creation of North Carolina's Limited Liability Corporation Act," see 32 Wake Forest L. Rev. 179 (1997).
Official source: North Carolina General Assembly. Reproduced from public-domain North Carolina statutes; confirm against the official source for the current text. Not legal advice.