Section 10A-9A-3.01 - Admission of limited partner(a) The initial limited partner or limited partners of a limited partnership are admitted as a limited partner or limited partners upon the formation of the limited partnership.(b) After formation, a person is admitted as a limited partner of the limited partnership: (1) as provided in the partnership agreement;(2) as the result of a transaction effective under Article 10 of this chapter or Article 8 of Chapter 1;(3) with the consent of all the partners; or(4) as provided in Section 10A-9A-8.01(d) or (e).(c) A person may be admitted as a limited partner without:(1) acquiring a transferable interest; or(2) making or being obligated to make a contribution to the limited partnership.Ala. Code § 10A-9A-3.01 (1975)
Added by Act 2016-379,§ 1, eff. 1/1/2017.