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Source Partner Liability Complete Business Associations List Matched to this deck.

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A limited partner sold her entire LP interest to a buyer. The partnership agreement required general partner consent before a transferee could become a substituted limited partner, and no consent was given. The buyer now demands voting rights and access to confidential LP records.
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The transferee automatically becomes a limited partner with all voting and inspection rights. The transferee generally receives only the transferor's economic right to distributions unless admitted as a substituted limited partner. The transferee becomes personally liable for every LP obligation by receiving distributions. The transfer automatically makes the transferee a general partner.

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