Which of the following is true of assignment of partnership rights in a limited partnership?
A)Limited partnerships interests cannot be assigned in whole.
B)Assignment of limited partnership rights leads to dissolution.
C)The assignee of a limited partnership becomes a new limited partner if atleast one partner agrees.
D)All assignees of a limited partnership cease to be a partner of the firm.
E)An assignee of a limited partnership becomes a partner if provided for in the certificate.

Question

Quizplus · Accepted Answer

According to the Uniform Limited Partnership Act, an assignee of a limited partnership becomes a limited partner only if the certificate of limited partnership provides for the assignment. Otherwise, the assignee does not become a partner and only has the right to receive distributions from the partnership.

Which of the Following Is True of Assignment of Partnership