Section 449.1503 – Allocation of Profits and Losses Among Partners; Determining Value of Contributions.
449.1503 Allocation of profits and losses among partners; determining value of contributions. Sec. 503. The profits and losses of a limited partnership shall be allocated among the partners, and among classes of partners, in the manner provided in the partnership agreement. If the partnership agreement does not provide for an allocation, profits and losses shall […]
Section 449.1504 – Allocation of Cash and Other Assets Among Partners; Determining Value of Contributions.
449.1504 Allocation of cash and other assets among partners; determining value of contributions. Sec. 504. Distributions of cash or other assets of a limited partnership shall be allocated among the partners, and among classes of partners, in the manner provided in the partnership agreement. If the partnership agreement does not provide for an allocation, distributions […]
Section 449.1501 – Contribution of Partner, Form.
449.1501 Contribution of partner, form. Sec. 501. The contribution of a partner may be in cash, property, or services rendered, or a promissory note or other obligation to contribute cash or property or to perform services. History: 1982, Act 213, Eff. Jan. 1, 1983
Section 449.1502 – Obligation of Limited Partner to Contribute; Obligation Upon Failure to Contribute; Compromise of Obligation; Creditor Enforcement of Original Obligation; Obligation of General Partner to Contribute.
449.1502 Obligation of limited partner to contribute; obligation upon failure to contribute; compromise of obligation; creditor enforcement of original obligation; obligation of general partner to contribute. Sec. 502. (a) Except as provided in the certificate of limited partnership, a limited partner is obligated to the limited partnership to perform any promise to contribute cash or […]