Section 449.1607 – Distribution; Limitation.
449.1607 Distribution; limitation. Sec. 607. A partner may not receive a distribution from a limited partnership to the extent that, after giving effect to the distribution, all liabilities of the limited partnership, other than liabilities to partners on account of their partnership interests, exceed the fair value of the partnership assets. History: 1982, Act 213, […]
Section 449.1608 – Limited Partner; Liability Following Return of Contribution.
449.1608 Limited partner; liability following return of contribution. Sec. 608. (a) If a limited partner has received the return of any part of his or her contribution without violation of the partnership agreement or this act, he or she is liable to the limited partnership for a period of 1 year thereafter for the amount […]
Section 449.1605 – Distribution in Cash or in Kind.
449.1605 Distribution in cash or in kind. Sec. 605. Except as provided in the certificate of limited partnership, a limited partner, and except as provided in the partnership agreement, a general partner, regardless of the nature of the partner’s contribution, has no right to demand and receive any distribution from a limited partnership in any […]
Section 449.1606 – Status and Remedies of Partner as Creditor With Respect to Distribution.
449.1606 Status and remedies of partner as creditor with respect to distribution. Sec. 606. At the time a partner becomes entitled to receive a distribution, the partner has the status of, and is entitled to all remedies available to, a creditor of the limited partnership with respect to the distribution. History: 1982, Act 213, Eff. […]
Section 449.1601 – Right of Partner to Receive Distributions Before Partner’s Withdrawal From Partnership and Before Dissolution and Winding Up of Partnership.
449.1601 Right of partner to receive distributions before partner’s withdrawal from partnership and before dissolution and winding up of partnership. Sec. 601. Except as provided in this article, a partner is entitled to receive distributions from a limited partnership before the partner’s withdrawal from the limited partnership and before the dissolution and winding up of […]
Section 449.1602 – Right of General Partner to Withdraw; Recovery by Limited Partner for Breach of Partnership Agreement.
449.1602 Right of general partner to withdraw; recovery by limited partner for breach of partnership agreement. Sec. 602. A general partner may withdraw from a limited partnership at any time by giving written notice to the other partners, but if the withdrawal violates the partnership agreement, the limited partnership may recover from the withdrawing general […]
Section 449.1603 – Right of Limited Partner to Withdraw.
449.1603 Right of limited partner to withdraw. Sec. 603. A limited partner may withdraw from a limited partnership at the time or upon the happening of events specified in the certificate of limited partnership, but not before, and in accordance with the partnership agreement. If the certificate does not specify the time or the events […]
Section 449.1604 – Right of Withdrawing Partner to Receive Distribution and Fair Value of Partnership Interest.
449.1604 Right of withdrawing partner to receive distribution and fair value of partnership interest. Sec. 604. Except as provided in this article, upon withdrawal any withdrawing partner is entitled to receive any distribution to which he or she is entitled under the partnership agreement and, if not otherwise provided in the agreement, the withdrawing partner […]