Indiana Code 23-16-8-2. Assignment of partnership interest
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Sec. 2. Unless otherwise provided in the partnership agreement:
(2) an assignment of a partnership interest does not dissolve a limited partnership or entitle the assignee to become a partner or to exercise any rights or powers of a partner;
(1) a partnership interest is assignable in whole or in part;
Terms Used In Indiana Code 23-16-8-2
- 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.
(3) an assignment entitles the assignee to share in the profits and losses, to receive the distribution or distributions, and to receive the allocation of income, gain, loss, deduction, or credit or similar item to which the assignor was entitled, to the extent assigned; and
(4) a partner ceases to be a partner and to have the power to exercise any rights or powers of a partner upon assignment of all of the partner’s partnership interest.
As added by P.L.147-1988, SEC.1.