I wondered if someone could clarify something for me.
In Jeff's 2011 NINJA notes, it says that a new limited partner requires all partners (general and limited) to agree, but that a new general partner in a limited partnership only requires all general partners to agree.
But, then my 2011 Wiley book (in Module 25) in the answer to question #27, it says, “The admission of a new general partner to a limited partnership under the Revised Uniform Limited Partnership Act requires the approval of all partners.” and the answer to question #28 says, “Unlike the admission of a new general partner the admission of a new limited partner requires the written approval of not only all of the general partners, but also all of the limited partners.”
I think the answer to #27 in the Wiley book is wrong. I just wondered if anyone could clear this up for me. Is it correct that admission of a new general partner only requires the approval of the other general partners?
BEC - 81
AUD - 65, 76
FAR - 76
REG - 68, 64, WAITING ON PASSING SCORE PLEASE! SC, NTS 444