2015 Utah Code
Title 48 - Unincorporated Business Entity Act
Chapter 1d - Utah Uniform Partnership Act
Part 13 - Professional Services Limited Liability Partnerships
Section 1309 - Restriction on transfer by partner.

48-1d-1309. Restriction on transfer by partner.

• (1) Except as provided in Subsections (2) and (3), a partner of a professional services partnership may sell or transfer the partner's interest in the professional services partnership only to:
  • (a) the professional services partnership; or
  • (b) an individual who is licensed or registered by this state to provide the same type of professional service as the professional service for which the professional services partnership is organized, or who otherwise satisfies the requirements of Subsection 48-1d-1308(1) or (2).

• (2) Upon the death or incapacity of a partner of a professional services partnership, the partner's interest in the professional services partnership may be transferred to the personal representative or estate of the deceased or incapacitated partner.

• (3) The person to whom an interest is transferred under Subsection (2) may continue to hold the interest for a reasonable period, but may not participate in a decision concerning the providing of a professional service.

Enacted by Chapter 412, 2013 General Session