Maryland Code, CORPORATIONS AND ASSOCIATIONS 10-301
Terms Used In Maryland Code, CORPORATIONS AND ASSOCIATIONS 10-301
- Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
- Person: includes an individual, receiver, trustee, guardian, personal representative, fiduciary, representative of any kind, corporation, partnership, business trust, statutory trust, limited liability company, firm, association, or other nongovernmental entity. See
(1) The formation of a limited partnership; or
(2) The time provided in a partnership agreement, or if no time is provided in the agreement, then when the person’s admission is reflected in the records of the limited partnership.
(b) After the filing of the initial certificate, 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:
(i) On compliance with the partnership agreement; or
(ii) With the consent of all partners; and
(2) In the case of an assignee of a partnership interest of a partner who has the power, under § 10-703 of this title, 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.