TITLE 30

CORPORATIONS

CHAPTER 24

LIMITED PARTNERSHIPS

PART 3

LIMITED PARTNERS

30-24-301.  BECOMING LIMITED PARTNER. (a)  Upon formation of a limited partnership, a person becomes a limited partner as agreed among the persons that are to be the initial partners.

(b)  After formation, a person becomes a limited partner:

(1)  As provided in the partnership agreement;

(2)  As the result of a transaction effective under chapter 22, title 30, Idaho Code;

(3)  With the affirmative vote or consent of all the partners; or

(4)  As provided in section 30-24-801(a)(4) or (5), Idaho Code.

(c)  A person may become a limited partner without:

(1)  Acquiring a transferable interest; or

(2)  Making or being obligated to make a contribution to the limited partnership.

History:

[30-24-301, added 2015, ch. 243, sec. 35, p. 847.]