Wisconsin Statutes 179.0301 – Becoming limited partner
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Terms Used In Wisconsin Statutes 179.0301
- Following: when used by way of reference to any statute section, means the section next following that in which the reference is made. See Wisconsin Statutes 990.01
- 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.
- Person: includes all partnerships, associations and bodies politic or corporate. See Wisconsin Statutes 990.01
(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 of a limited partnership, a person becomes a limited partner in any of the following ways:
(a) As provided in the partnership agreement.
(b) As the result of a transaction effective under subch. XI.
(c) With the affirmative vote or consent of all the partners.
(d) As provided in s. 179.0801 (1) (d) or (e).
(3) A person may become a limited partner without doing any of the following:
(a) Acquiring a transferable interest.
(b) Making or being obligated to make a contribution to the limited partnership.