(a) 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.

Terms Used In Tennessee Code 61-3-501

  • 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.
  • Property: means all property, whether real, personal, mixed, or tangible or intangible, or any right or interest in such property. See Tennessee Code 61-3-101
  • Required information: means the information that a limited partnership is required to maintain under §. See Tennessee Code 61-3-101
  • Transfer: includes :
    (A) An assignment. See Tennessee Code 61-3-101
(b) Neither a purported contribution nor an offer of consideration to make a contribution must be treated as a contribution to a limited partnership until:

(1) The contribution is accepted by the affirmative vote or consent of all general partners; and
(2) The amount and value of the contribution are recorded in the required information of the limited partnership.
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