§ 61-3-504. Limitations on Distributions
A limited partnership may not make a distribution, including a distribution under § 61-3-810, if after the distribution: The partnership would not be able to pay its debts as they become due in the ordinary course of the partnership’s activities and affairs; or The partnership’s total assets would be less than the sum of its […]
§ 61-3-505. Liability for Improper Distributions
If a general partner consents to a distribution made in violation of § 61-3-504 and in consenting to the distribution fails to comply with § 61-3-409, the general partner is personally liable to the limited partnership for the amount of the distribution which exceeds the amount that could have been distributed without the violation of […]
§ 61-3-501. Form of Contribution and Acceptance
A contribution may consist of property transferred to, services performed for, or another benefit provided to the limited partnership or an agreement to transfer property to, perform services for, or provide another benefit to the partnership. Neither a purported contribution nor an offer of consideration to make a contribution must be treated as a contribution […]
§ 61-3-502. Liability for Contribution
A person’s obligation to make a contribution to a limited partnership is not excused by the person’s death, disability, termination, or other inability to perform personally. If a person does not fulfill an obligation to make a contribution other than money, the person is obligated at the option of the limited partnership to contribute money […]
§ 61-3-503. Sharing of and Right to Distributions Before Dissolution
Any distribution made by a limited partnership before its dissolution and winding up must be shared among the partners on the basis of the value, as stated in the required information when the limited partnership decides to make the distribution, of the contributions the limited partnership has received from each partner, except to the extent […]