North Dakota Code 45-17-02 – (502) Partner’s transferable interest in partnership
Current as of: 2023 | Check for updates
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The only transferable interest of a partner in the partnership is the partner’s share of the profits and losses of the partnership and the partner’s right to receive distributions. The interest is personal property.
Terms Used In North Dakota Code 45-17-02
- 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: includes a limited liability partnership registered under chapter 45-22. See North Dakota Code 1-01-49