8521 - Admission of limited partners. - Pennsylvania Statutes

SUBCHAPTER C LIMITED PARTNERS Sec. 8521. Admission of limited partners. 8522. Classes of limited partners. 8523. Liability of limited partners to third parties. 8524. Person erroneously believing himself limited partner. 8525. Information. § 8521. Admission of limited partners. (a) Date of admission.--A person becomes a limited partner on the later of: (1) the date the limited partnership is formed; or (2) the date stated in the records of the limited partnership as the date that person becomes a limited partner. (b) Admission of additional limited partners.--After the filing of the 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 the compliance with the partnership agreement or, if the partnership agreement does not so provide, upon the consent of all partners. (2) In the case of an assignee of a partnership interest of a partner who has the power as provided in section 8564 (relating to right of assignee to become limited partner) 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. (3) In the case of an assignee of a partnership interest, regardless of whether the assignee has been granted the right to become a limited partner as provided in section 8564(a)(1), at the time or upon the happening of events specified in the partnership agreement.