Kentucky Statutes 362.1-502 – Partner’s transferable interest in partnership
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The only transferable interest of a partner in the partnership is the partner’s share of the profits and losses of the partnership and the partner’s right to receive distributions. The interest is personal property.
Effective: July 12, 2006
History: Created 2006 Ky. Acts ch. 149, sec. 43, effective July 12, 2006.
Effective: July 12, 2006
Terms Used In Kentucky Statutes 362.1-502
- 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: means an association of two (2) or more persons to carry on as co- owners a business for profit formed under KRS §. See Kentucky Statutes 362.1-101
- Personal property: All property that is not real property.
History: Created 2006 Ky. Acts ch. 149, sec. 43, effective July 12, 2006.