[This_is_torture]

On B1-20, it states that a limited partner MAY SELL or assign his partnership interest without the consent of the other partners. However, on the summary char on B1- 54, it states that Partners (whether general or limited) CANNOT transfer ownership without unanimous consent. Which is it? Can a limited partner sell their interest with or without unanimous consent? Thanks for the help

AUD - 85
BEC - 81
REG - 67, 75!!!! (simulations killed me both times but 2nd time around, MC saved me)
FAR - October 14, 2011

[Anonymous]

This_is_torture

FYI

Not sure if you are aware of it – but you can email Becker with questions and a real person responds. I have sent 3 – 4 questions to them and have received an answer within 6 hrs – 24 hrs.

If you send a request for this question would you post it?

[Florida_Candidate]

I believe (don't hold me to this) that they can transfer their INTEREST in partnership PROFITS without consent but cannot transfer the OWNERSHIP or interest in PROPERTY without consent. I hope that's right 🙂

FAR-91 (7/29)
AUD-99 (8/23)
BEC-90 (10/1)
REG-99 (11/3)

[This_is_torture]

cpa journey

I didn't know you could email Becker with questions. I will do that and will post their reply. Thanks.

AUD - 85
BEC - 81
REG - 67, 75!!!! (simulations killed me both times but 2nd time around, MC saved me)
FAR - October 14, 2011

[Jamie]

I know for a fact that a limited partner can assign or sell their partnership interest without consent of the other partners. This only means that the earnings go to someone else besides the partner who assigned or sold their interest (a.k.a. their right to the earnings).

If a limited partner wants to transfer ownership to someone else, then that requires unanimous consent. The other partners dont want just anyone entering into the partnership, so the exiting partner is stuck until the other partners agree on the replacement.

I think you are just mixing up partnership interest and ownership. They are not the same thing.

AUD 93 (1/12); DAUGHTER (BORN 1/27); FAR 79 (2/27); REG 85 (5/26); BEC 80 (7/1)

[Author]

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