Nevada Revised Statutes 88.420 – When person becomes limited partner; admission of additional limited partners
1. A person becomes a limited partner:
Terms Used In Nevada Revised Statutes 88.420
- Certificate of limited partnership: means the certificate referred to in Nevada Revised Statutes 88.315
- Limited partner: means a person who has been admitted to a limited partnership as a limited partner in accordance with the partnership agreement. See Nevada Revised Statutes 88.315
- Partner: means a limited or general partner. See Nevada Revised Statutes 88.315
- 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.
- Partnership agreement: means any valid agreement, written or oral, of the partners as to the affairs of a limited partnership and the conduct of its business. See Nevada Revised Statutes 88.315
- Partnership interest: means a partner"s share of the profits and losses of a limited partnership and the right to receive distributions of partnership assets. See Nevada Revised Statutes 88.315
- person: means a natural person, any form of business or social organization and any other nongovernmental legal entity including, but not limited to, a corporation, partnership, association, trust or unincorporated organization. See Nevada Revised Statutes 0.039
(a) At the time the limited partnership is formed; or
(b) At any later time stated in the records of the limited partnership for becoming a limited partner.
2. After the filing of a limited partnership’s original certificate of limited partnership, a person may be admitted as an additional limited partner:
(a) In the case of a person acquiring a partnership interest directly from the limited partnership, upon the compliance with the partnership agreement or, if the partnership agreement does not so provide, upon the written consent of all partners; and
(b) In the case of an assignee of a partnership interest of a partner who has the power, as provided in NRS 88.540, to grant the assignee the right to become a limited partner, upon the exercise of that power and compliance with any conditions limiting the grant or exercise of the power.