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Tenn. Code Ann. § 61-3-501

Form of contribution and acceptance

Known as the Tennessee Uniform Limited Partnership Act

The act spans §§ 61-2-1001 to 61-3-906 (205 sections).

Acts 2017, ch. 440, § 1.

(1) A contribution may consist of property transferred to, services performed for, or another benefit provided to the limited partnership or an agreement to transfer property to, perform services for, or provide another benefit to the partnership.

(2) Neither a purported contribution nor an offer of consideration to make a contribution must be treated as a contribution to a limited partnership until: The contribution is accepted by the affirmative vote or consent of all general partners; and

(3) The amount and value of the contribution are recorded in the required information of the limited partnership.

Current official text: Tennessee Code (LexisNexis). Digitized from the UniCourt Code Improvement Commission public-domain capture. Reproduced from public-domain Tennessee statutes; confirm against the official source for the current text. Not legal advice.