Becoming limited partners.

  1. Law
  2. Utah Code
  3. Unincorporated Business Entity Act
  4. Utah Uniform Limited Partnership Act
  5. Limited Partners
  6. Becoming limited partners.

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  • (1) Upon formation of a limited partnership, a person becomes a limited partner as agreed among the persons that are to be the initial partners.
  • (2) After formation, a person becomes a limited partner:
    • (a) as provided in the partnership agreement;
    • (b) as the result of a transaction effective under Part 11, Merger, Interest Exchange, Conversion, and Domestication;
    • (c) with the affirmative vote or consent of all the partners; or
    • (d) as provided in Subsection 48-2e-801(1)(d) or (1)(e).
  • (3) A person may become a partner without:
    • (a) acquiring a transferable interest; or
    • (b) making or being obligated to make a contribution to the limited partnership.




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