{"data":{"id":"us-ny/n.y.-partnership-law-121-301","jurisdiction":"us-ny","citation":"N.Y. Partnership Law § 121-301","heading":"Admission of limited partners","body":"§ 121-301. Admission of limited partners. (a) A person becomes a\nlimited partner on the later of:\n  (1) the effective date of the original certificate of limited\npartnership; or\n  (2) the date as of which the person becomes a limited partner pursuant\nto the partnership agreement; provided, however, that if such date is\nnot ascertainable, the date stated in the records of the limited\npartnership.\n  (b) After the effective date of a limited partnership's original\ncertificate of limited partnership, a person may be admitted as a\nlimited partner:\n  (1) in the case of a person acquiring a partnership interest directly\nfrom the limited partnership, upon compliance with the partnership\nagreement or, if the partnership agreement does not so provide, upon the\nwritten consent of all partners; and\n  (2) in the case of an assignee of a partnership interest of a partner\nwho has the power, as provided in section 121-704 of this article, to\ngrant the assignee the right to become a limited partner, upon the\nexercise of that power and compliance with any conditions limiting the\ngrant or exercise of the power.","path":["Partnership Law","Article 8-A. Revised Limited Partnership Act"],"source_url":"https://legislation.nysenate.gov/api/3/laws/PTR/121-301","current_through":"2026-09-11","vintage":"","retrieved_at":"2026-09-14T19:32:45Z","sha256":"332f3541a36b88a77bfa60ae502d14fc90ab53bda390ea7704a31b22d33b60d6","source_id":"us-ny","stale":false,"prev":"us-ny/n.y.-partnership-law-121-208","next":"us-ny/n.y.-partnership-law-121-302"},"notice":"GroundRules: Original legal text. Not legal advice."}