Kansas Statutes 56a-502. Partner’s transferable interest in partnership
Current as of: 2023 | Check for updates
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Terms Used In Kansas Statutes 56a-502
- Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
Except as provided in the business entity transactions act, Kan. Stat. Ann. § 17-78-101 et seq., and amendments thereto, the only transferable interest of a partner in the partnership is the partner’s share of the profits and losses of the partnership and the partner’s right to receive distributions. The interest of a partner is personal property.