88.420 - When person becomes limited partner; admission of additional limited partners. - Nevada Statutes

88.420  When person becomes limited partner; admission of additional limited partners.

      1.  A person becomes a limited partner:

      (a) At the time the limited partnership is formed; or

      (b) At any later time stated in the records of the limited partnership for becoming a limited partner.

      2.  After the filing of a limited partnership’s original certificate of limited partnership, a person may be admitted as an additional limited partner:

      (a) In the case of a person acquiring a partnership interest directly from the limited partnership, upon the compliance with the partnership agreement or, if the partnership agreement does not so provide, upon the written consent of all partners; and

      (b) In the case of an assignee of a partnership interest of a partner who has the power, as provided in NRS 88.540, 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 to NRS by 1985, 1284; A 1987, 5, 71)