Current through Pa Acts 2024-53, 2024-56 through 2024-92
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.Added by P.L. TBD 2016 No. 170, § 27, eff. 2/19/2017.