Pennsylvania § 8631 - Becoming a limited partner.
Full text of Pennsylvania Pennsylvania Consolidated Statutes § 8631 — Becoming a limited partner., with citation guidance and answers to common questions.
§ 8631. Becoming a limited partner.
(a) Upon formation.--Upon formation of a limited partnership, a person becomes a limited partner as agreed among the persons that are to be the initial partners.
(b) After formation.--After formation, a person becomes a limited partner:
(1) as provided in the partnership agreement;
(2) as the result of a transaction effective under Chapter 3 (relating to entity transactions);
(3) with the affirmative vote or consent of all the partners; or
(4) as provided in section 8681(a)(4) or (5) (relating to events causing dissolution).
(c) Noneconomic limited partners.--A person may become a limited partner without:
(1) acquiring a transferable interest; or
(2) making or being obligated to make a contribution to the limited partnership.
(d) Nature of interest.--The interest of a limited partner in a limited partnership is personal property.
Cross References. Section 8631 is referred to in section 8612 of this title.
Frequently Asked Questions About Pennsylvania § 8631
What does Pennsylvania Consolidated Statutes § 8631 cover?
Section 8631 ("Becoming a limited partner.") is part of the Pennsylvania Consolidated Statutes, the codified statutory law of Pennsylvania. 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 Pennsylvania § 8631?
A common citation format is "Pennsylvania Consolidated Statutes § 8631" (Pennsylvania). 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 Pennsylvania law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Pennsylvania official source linked on this page or consult a licensed Pennsylvania attorney.
How does Pennsylvania § 8631 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Pennsylvania 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 Pennsylvania.