Iowa Code 488.401 – Becoming general partner
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A person becomes a general partner according to any of the following:
1. As provided in the partnership agreement.
Terms Used In Iowa Code 488.401
- following: when used by way of reference to a chapter or other part of a statute mean the next preceding or next following chapter or other part. See Iowa Code 4.1
- General partner: means :a. See Iowa Code 488.102
- Partner: means a limited partner or general partner. See Iowa Code 488.102
- 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: means an individual, corporation, business trust, estate, trust, partnership, limited liability company, association, joint venture, or government; governmental subdivision, agency, or instrumentality; public corporation; or any other legal or commercial entity. See Iowa Code 488.102
2. Under section 488.801, subsection 3, paragraph “b”, following the dissociation of a limited partnership’s last general partner.3. As the result of a conversion or merger under article 11.4. With the consent of all the partners.