15 Pa. C.S. § 8641

Current through Pa Acts 2024-53, 2024-56 through 2024-64
Section 8641 - Becoming a general partner
(a)Admission on formation.--On formation of a limited partnership, a person becomes a general partner as agreed among the persons that are to be the initial partners.
(b) Admission after formation.--After formation of a limited partnership, a person becomes a general partner:
(1) as provided in the partnership agreement;
(2) as the result of a transaction effective under Chapter 3 (relating to entity transactions);
(3) with the affirmative vote or consent of all the partners; or
(4) under section 8681(a)(3)(ii) or (5) (relating to events causing dissolution) following the dissociation of a limited partnership's last general partner.
(c)Noneconomic general partners.--A person may become a general partner without:
(1) acquiring a transferable interest; or
(2) making or being obligated to make a contribution to the partnership.
(d)Nature of interest.--The interest of a general partner in a limited partnership is personal property.

15 Pa.C.S. § 8641

Added by P.L. TBD 2016 No. 170, § 27, eff. 2/19/2017.