Section 10A-9A-5.01 – Form of Contribution.
Section 10A-9A-5.01 Form of contribution. A contribution by a partner may be made to a limited partnership as agreed by the partners. (Act 2016-379, §1.)
Section 10A-9A-5.02 – Liability for Contribution.
Section 10A-9A-5.02 Liability for contribution. (a) A partner’s obligation to make a contribution to a limited partnership is not excused by the partner’s death, disability, or other inability to perform personally. (b) If a partner does not make a contribution required by an enforceable promise, the partner or the partner’s estate is obligated, at the […]
Section 10A-9A-5.03 – Sharing of Distributions Before Dissolution.
Section 10A-9A-5.03 Sharing of distributions before dissolution. All partners shall share equally in any distributions made by a limited partnership before its dissolution and winding up. (Act 2016-379, §1.)
Section 10A-9A-5.04 – Interim Distributions.
Section 10A-9A-5.04 Interim distributions. A partner has a right to a distribution before the dissolution and winding up of a limited partnership as provided in the partnership agreement. A decision to make a distribution before the dissolution and winding up of the limited partnership is a decision in the ordinary course of the activities and […]
Section 10A-9A-5.05 – No Distribution on Account of Dissociation.
Section 10A-9A-5.05 No distribution on account of dissociation. A partner’s dissociation does not entitle the dissociated partner to a distribution. (Act 2016-379, §1.)
Section 10A-9A-5.06 – Distribution in Kind.
Section 10A-9A-5.06 Distribution in kind. A partner does not have a right to demand and receive a distribution from a limited partnership in any form other than money. Except as otherwise provided in Section 10A-9A-8.09(c), a limited partnership may distribute an asset in kind if each partner receives a percentage of the asset in proportion […]
Section 10A-9A-5.07 – Right to Distribution.
Section 10A-9A-5.07 Right to distribution. If 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. However, the limited partnership’s obligation to make a distribution is subject to offset for any amount […]
Section 10A-9A-5.08 – Limitations on Distribution and Liability for Improper Distributions.
Section 10A-9A-5.08 Limitations on distribution and liability for improper distributions. (a) A limited partnership shall not make a distribution to a partner to the extent that at the time of the distribution, after giving effect to the distribution, all liabilities of the limited partnership, other than liabilities to partners on account of their transferable interests […]