Connecticut General Statutes 34-16 – Admission of additional limited partners
Current as of: 2023 | Check for updates
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After the formation of a limited partnership, a person becomes a limited partner on the later of:
Terms Used In Connecticut General Statutes 34-16
- Limited partner: means a person who has been admitted to a limited partnership as a limited partner in accordance with the partnership agreement. See Connecticut General Statutes 34-9
- Partner: means a limited or general partner. See Connecticut General Statutes 34-9
- 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.
- Partnership agreement: means any valid agreement, written or oral, of the partners as to the affairs of a limited partnership and the conduct of its business. See Connecticut General Statutes 34-9
- Partnership interest: means a partner's share of the profits and losses of a limited partnership and the right to receive distributions of partnership assets. See Connecticut General Statutes 34-9
- Person: means a natural person, partnership, limited partnership, foreign limited partnership, trust, estate, association, limited liability company or corporation. See Connecticut General Statutes 34-9
(1) The date the limited partnership is formed;
(2) In the case of a person acquiring a partnership interest directly from the limited partnership, upon the compliance with the partnership agreement or, if the partnership agreement does not so provide, upon the written consent of all partners; or
(3) In the case of an assignee of a partnership interest of a partner who has the power, as provided in § 34-27a, 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.