Section 10-501 – Form of Contribution

    The contribution of a partner may be in cash, property, services rendered, or a promissory note or other binding obligation to contribute cash or property or to perform services.

Section 10-502 – Liability for Contribution

    (a)    (1)    Except as provided in the partnership agreement, a limited partner is obligated to the limited partnership to perform any promise set forth in the partnership agreement to contribute cash or property or to perform services, even if he is unable to perform because of death, disability, or any other reason.         (2)    If a limited partner does […]

Section 10-503 – Sharing of Profits and Losses

    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 so provide, profits and losses shall be allocated on the basis of the value of the contributions of each partner.

Section 10-504 – Sharing of Distributions

    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. Unless otherwise provided in the partnership agreement, distributions shall be made on the basis of the sharing of profits and losses.