Asked by Aubrielle Angell on Jun 12, 2024
Verified
Which of the following is not required to be approved by all members under the ULPA of 2001?
A) The transfer of one partner's interest to a third party
B) An amendment of the limited partnership agreement
C) An amendment of the limited partnership certificate
D) The sale of all the partnership's assets outside the ordinary course of business
ULPA of 2001
The Uniform Limited Partnership Act of 2001 is legislation that provides updated guidelines and regulations for the formation, operation, and dissolution of limited partnerships in the United States.
Transfer of interest
The process of assigning or transferring one’s legal rights or stake in a property or entity to another.
Limited Partnership Agreement
A contract among partners of a limited partnership defining the partnership's terms, structure, and operations.
- Comprehend the procedural prerequisites for the consolidation and conversion of limited partnerships with LLCs.
Verified Answer
MJ
Mouad JdiraJun 18, 2024
Final Answer :
A
Explanation :
The ULPA of 2001 requires few actions to be approved by all the partners.Only amendment of the limited partnership agreement,amendment of the limited partnership certificate,and sale or other transfer of substantially all the limited partnership's assets outside the ordinary course of business require approval of all the partners.
Learning Objectives
- Comprehend the procedural prerequisites for the consolidation and conversion of limited partnerships with LLCs.