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A limited partner gives valid notice of withdrawal under the partnership agreement. The former limited partner then demands direct title to 20 percent of the LP's equipment and claims the right to sign a new customer contract for the LP because she still expects future distributions.
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A withdrawing limited partner receives direct title to LP assets instead of any economic interest. A limited partner's withdrawal automatically makes the person a general partner. A limited partner who withdraws remains entitled to bind the LP to new contracts in the ordinary course. A limited partner's dissociation or withdrawal generally ends partner-status rights, but the person may retain rights to distributions or buyout value as provided by statute and agreement.

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