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Searching 2017-2018 Session

The Vermont Statutes Online

Title 11 : Corporations, Partnerships and Associations

Chapter 023 : LIMITED PARTNERSHIPS

Subchapter 003 : Limited Partners

(Cite as: 11 V.S.A. § 3421)
  • § 3421. Admission of limited partners

    (a) A person becomes a limited partner:

    (1) at the time the limited partnership is formed; or

    (2) at any later time specified in the records of the limited partnership for becoming a limited partner.

    (b) After the filing of a limited partnership's original certificate of limited partnership, 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, upon compliance with the partnership agreement or, if the partnership agreement does not so provide, upon the written consent of all partners; and

    (2) in the case of an assignee of a partnership interest of a partner who has the power, as provided in section 3464 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. (Added 1997, No. 149 (Adj. Sess.), § 4, eff. Jan. 1, 1999.)