N.D. Cent. Code § 10-31-07.3
This is the official text of N.D. Cent. Code § 10-31-07.3, part of North Dakota’s Cent. Code — part of the compiled statutory law of North Dakota, published by the state as "Cent. Code." Browse the sections below, each linked to its official government source.
Not legal advice. This page reproduces the official text of a government statute for reference only. Laws change, and how a statute applies depends on your specific facts. For advice about your situation, consult a licensed attorney in your state.
10-31-07.3. Issuance and transfer of partnership interests
Official statutory text
10-31-07.3. Issuance and transfer of partnership interests
A professional organization in the form of a limited liability partnership may issue
partnership interests only to individuals who are licensed to render the same specific
professional services as those for which the partnership was registered. A partner may
voluntarily transfer partnership interests in a professional limited liability partnership only to a
person owning or eligible to own a partnership interest. The issuance of any partnership
interests issued in violation of this section is void. The voluntary transfer of any partnership
interests in violation of this section is void. No partnership interest may be transferred upon the
books of the professional limited liability partnership or issued by the professional limited liability
partnership until there is presented to and filed with the limited liability partnership a certificate
from the regulating board stating that the person to whom the transfer is to be made or the
partnership interest issued is licensed to render the same specific professional services as
those for which the limited liability partnership was registered.
A professional organization in the form of a limited liability partnership may issue
partnership interests only to individuals who are licensed to render the same specific
professional services as those for which the partnership was registered. A partner may
voluntarily transfer partnership interests in a professional limited liability partnership only to a
person owning or eligible to own a partnership interest. The issuance of any partnership
interests issued in violation of this section is void. The voluntary transfer of any partnership
interests in violation of this section is void. No partnership interest may be transferred upon the
books of the professional limited liability partnership or issued by the professional limited liability
partnership until there is presented to and filed with the limited liability partnership a certificate
from the regulating board stating that the person to whom the transfer is to be made or the
partnership interest issued is licensed to render the same specific professional services as
those for which the limited liability partnership was registered.
Status: in_force · Read it on the official government site
Need a lawyer in North Dakota?
Find a North Dakota lawyer
About this page: Statute text is reproduced from official government publishers via the
Open US Law dataset
(Vaquill AI, snapshot v2026.08, CC BY 4.0). Primary legislative text like this is public domain under the government-edicts doctrine
(Georgia v. Public.Resource.Org, 2020). We link every section back to its official source so you can verify it independently.