Virginia Code 50-73.38: Withdrawal of limited partner.
Current as of: 2024 | Check for updates
|
Other versions
A limited partner may withdraw from a limited partnership only at the time or upon the happening of events specified in writing in the partnership agreement.
Terms Used In Virginia Code 50-73.38
- in writing: include any representation of words, letters, symbols, numbers, or figures, whether (i) printed or inscribed on a tangible medium or (ii) stored in an electronic or other medium and retrievable in a perceivable form and whether an electronic signature authorized by Virginia Code 1-257
- Limited partner: means a person who has been admitted to a limited partnership as a limited partner in accordance with the partnership agreement. See Virginia Code 50-73.1
- 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 Virginia Code 50-73.1
1985, c. 607; 1987, c. 702; 1997, c. 188.