Arizona § 29-342 - Right of assignee to become limited partner
Full text of Arizona Arizona Revised Statutes § 29-342 — Right of assignee to become limited partner, with citation guidance and answers to common questions.
§ 29-342. Right of assignee to become limited partner
A. An assignee of a partnership interest, including an assignee of a general partner, may become a limited partner if and to the extent that:
1. The assignor gives the assignee that right in accordance with authority described in the partnership agreement; or
2. All other partners consent.
B. An assignee who has become a limited partner has, to the extent assigned, the rights and powers and is subject to the restrictions and liabilities of a limited partner under the partnership agreement and this chapter. An assignee who becomes a limited partner also is liable for the obligations of his assignor to make and return contributions as provided in articles 5 and 6 of this chapter. However, the assignee is not obligated for liabilities unknown to the assignee at the time he became a limited partner.
C. If an assignee of a partnership interest becomes a limited partner, the assignor is not released from his liability to the limited partnership under sections 29-314 and 29-328.
Source: official Arizona text · Last verified 2026-08-27
Frequently Asked Questions About Arizona § 29-342
What does Arizona Revised Statutes § 29-342 cover?
Section 29-342 ("Right of assignee to become limited partner") is part of the Arizona Revised Statutes, the codified statutory law of Arizona. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Arizona § 29-342?
A common citation format is "Arizona Revised Statutes § 29-342" (Arizona). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Arizona law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Arizona official source linked on this page or consult a licensed Arizona attorney.
How does Arizona § 29-342 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Arizona can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Arizona.