Which of the following is mandatory for the addition of a new limited partner to an existing limited partnership?

Question

Quizplus · Accepted Answer

The addition of a new limited partner to an existing limited partnership requires written consent from all existing partners. This is because the limited partnership agreement is a binding contract between all partners, and adding a new partner would affect the rights and obligations of all existing partners. A majority vote in a formal election or merger with another partnership may be required for other changes to the partnership agreement, but not for adding a new limited partner. Death or retirement of a limited partner would create a vacancy that could be filled by a new partner, but this is not the same as adding a new partner.

Which of the Following Is Mandatory for the Addition of a New