Idaho Code 30-24-401 – Becoming General Partner
Current as of: 2023 | Check for updates
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(a) Upon formation of a limited partnership, a person becomes a general partner as agreed among the persons that are to be the initial partners.
(b) 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 22, title 30, Idaho Code;
(3) With the affirmative vote or consent of all the partners: or
(4) Under section 30-24-801(a)(3)(B), Idaho Code, following the dissociation of a limited partnership’s last general partner.
Terms Used In Idaho Code 30-24-401
- 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 general partner without:
[(1)](a) Acquiring a transferable interest; or
[(2)](b) Making or being obligated to make a contribution to the partnership.