(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.
Pennsylvania Legal Code