Nevada § 87A.435 - Withdrawal as limited partner

§ 87A.435. Withdrawal as limited partner

1. A person does not have a right to withdraw as a limited partner before the termination

of the limited partnership. 2. A person is withdrawn from a limited partnership as a limited partner upon the

occurrence of any of the following events: (a) The limited partnership's having notice of the person's express will to withdraw

as a limited partner or on a later date specified by the person; (b) An event agreed to in the partnership agreement as causing the person's withdrawal

as a limited partner; (c) The person's expulsion as a limited partner pursuant to the partnership agreement; (d) The person's expulsion as a limited partner by the unanimous consent of the other

partners if: (1) It is unlawful to carry on the limited partnership's activities with the person

as a limited partner; (2) There has been a transfer of all of the person's transferable interest in the

limited partnership, other than a transfer for security purposes, or a court order

charging the person's interest, which has not been foreclosed; (3) The person is a corporation and, within 90 days after the limited partnership

notifies the person that it will be expelled as a limited partner because it has filed

a certificate of dissolution or the equivalent, its charter has been revoked or its

right to conduct business has been suspended by the jurisdiction of its incorporation,

there is no revocation of the certificate of dissolution or no reinstatement of its

charter or its right to conduct business; or (4) The person is a limited-liability company or partnership that has been dissolved

and whose business is being wound up; (e) On application by the limited partnership, the person's expulsion as a limited

partner by judicial order because: (1) The person engaged in wrongful conduct that adversely and materially affected

the limited partnership's activities; (2) The person willfully or persistently committed a material breach of the partnership

agreement or of the obligation of good faith and fair dealing under subsection 2 of NRS 87A.340 ; or (3) The person engaged in conduct relating to the limited partnership's activities

which makes it not reasonably practicable to carry on the activities with the person

as limited partner; (f) In the case of a person who is a natural person, the person's death; (g) In the case of a person that is a trust or is acting as a limited partner by virtue

of being a trustee of a trust, distribution of the trust's entire transferable interest

in the limited partnership, but not merely by reason of the substitution of a successor

trustee; (h) In the case of a person that is an estate or is acting as a limited partner by

virtue of being a personal representative of an estate, distribution of the estate's

entire transferable interest in the limited partnership, but not merely by reason

of the substitution of a successor personal representative; (i) Termination of a limited partner that is not a natural person, partnership, limited-liability

company, corporation, trust or estate; or (j) The limited partnership's participation in a conversion or merger if the limited

partnership: (1) Is not the converted or surviving entity; or (2) Is the converted or surviving entity but, as a result of the conversion or merger,

the person ceases to be a limited partner.