Nevada § 88.540 - Right of assignee to become limited partner; liability
Full text of Nevada Nevada Revised Statutes § 88.540 — Right of assignee to become limited partner; liability, with citation guidance and answers to common questions.
§ 88.540. Right of assignee to become limited partner; liability
1. An assignee of a partnership interest, including an assignee of a general partner,
may become a limited partner if and to the extent that: (a) The assignor gives the assignee that right in accordance with authority described
in the partnership agreement; or (b) All other partners consent. 2. 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
the assignor to make and return contributions as provided in NRS 88.490 to 88.525 , inclusive. However, the assignee is not obligated for liabilities unknown to the assignee at
the time the assignee became a limited partner. 3. If an assignee of a partnership interest becomes a limited partner, the assignor
is not released from his or her liability to the limited partnership under NRS 88.385 and 88.475 .
Source: official Nevada text · Last verified 2026-08-27
Frequently Asked Questions About Nevada § 88.540
What does Nevada Revised Statutes § 88.540 cover?
Section 88.540 ("Right of assignee to become limited partner; liability") is part of the Nevada Revised Statutes, the codified statutory law of Nevada. 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 Nevada § 88.540?
A common citation format is "Nevada Revised Statutes § 88.540" (Nevada). 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 Nevada law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Nevada official source linked on this page or consult a licensed Nevada attorney.
How does Nevada § 88.540 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Nevada 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 Nevada.