Lets imagine you are offered to become limited member, you paid it.
what document would you ask from the seller/partnership as a confirmation that you become limited partner?
thank you, XXXXX XXXXX be possible to know what is the share of limited partner in the partnership?
My I ask you in addition such a thing.... when initial limited partner transfer its interest to the new partner, what document may be issued by the fund confirming completion of transfer procedure and the fact that all interests were transferred?
I have a doubt what exact figure (if any) shall be in this document. Correct me if I am wrong but if I contribute 1 000 000 now, next year my interest will not be exactly the same amount. This may be equally higher and lower amount. Right? How exact interest as of particular date of transfer me be confirmed?
To be more specific, what document shall be requested from the fund management upon completion of transfer in order to avoid doubts that Transferee got maximum it could get?
can you please refer to particular clause of the law which state that deed shall be issued? correct me if I am wrong but deed is a unilateral document signed in the presence of unrelated witness
The partnership agreement normally provides a procedure for admitting additional or replacement limited partners which is likely to involve the new limited partner executing a deed of admission in terms of which it agrees to be bound by the terms of the partnership agreement and pursuant to which it grants any power of attorney contained within the partnership agreement to the general partner. As such, the deed of admission must be executed as a deed. In addition, each of the existing partners must consent to the admission of a new partner. Procedurally, consent is normally provided by the general partner counter-signing the deed of admission for itself and, acting on the basis of the power of attorney granted to it in the partnership agreement, on behalf of each limited partner.
The partnership agreement may also contain provisions for the transfer of all or any part of a limited partner’s interest in an exempted limited partnership to another person. If that person is not currently a partner, the transfer will normally require the transferee to complete a deed of admission to be counter-signed by the general partner for itself and on behalf of the limited partners, in the same way as for a new partner.
DISCLAIMER: Answers from Experts on JustAnswer are not substitutes for the advice of an attorney. JustAnswer is a public forum and questions and responses are not private or confidential or protected by the attorney-client privilege. The Expert above is not your attorney, and the response above is not legal advice. You should not read this response to propose specific action or address specific circumstances, but only to give you a sense of general principles of law that might affect the situation you describe. Application of these general principles to particular circumstances must be done by a lawyer who has spoken with you in confidence, learned all relevant information, and explored various options. Before acting on these general principles, you should hire a lawyer licensed to practice law in the jurisdiction to which your question pertains.
The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service (last updated February 8, 2012).