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 449.1701 – Partnership Interest as Personal Property.
449.1701 Partnership interest as personal property. Sec. 701. A partnership interest is personal property. History: 1982, Act 213, Eff. Jan. 1, 1983
Section 449.1702 – Partnership Interest; Assignment; Effect.
449.1702 Partnership interest; assignment; effect. Sec. 702. Except as provided in the partnership agreement: (i) a partnership interest is assignable in whole or in part; (ii) an assignment of a partnership interest does not dissolve a limited partnership or entitle the assignee to become or to exercise any rights of a partner; (iii) an assignment […]
Section 449.1703 – Charging Partnership Interest With Payment of Unsatisfied Amount of Judgment; Rights of Judgment Creditor; Exemptions.
449.1703 Charging partnership interest with payment of unsatisfied amount of judgment; rights of judgment creditor; exemptions. Sec. 703. Upon application to a court of competent jurisdiction by any judgment creditor of a partner, the court may charge the partnership interest of the partner with payment of the unsatisfied amount of the judgment with interest. To […]
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 […]
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 449.1601 – 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 […]