Idaho Code 30-23-402 – Becoming Partner
Current as of: 2023 | Check for updates
|
Other versions
(a) Upon formation of a partnership, a person becomes a partner under section 30-23-202(a), Idaho Code.
(b) After formation of a partnership, a person becomes a partner:
(1) As provided in the partnership agreement;
(2) As a result of a transaction effective under chapter 22, title 30, Idaho Code; or
(3) With the affirmative vote or consent of all the partners.
Terms Used In Idaho Code 30-23-402
- 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 a corporation as well as a natural person;
Idaho Code 73-114
(c) A person may become a partner without:
(1) Acquiring a transferable interest; or
(2) Making or being obligated to make a contribution to the partnership.