§ 7-13.1-501. Form of contribution. [Effective January 1, 2023.] A contribution may consist of property transferred to, services performed for, or another benefit provided to the limited partnership or an agreement to transfer property to, perform services for, or provide another benefit to the partnership. History of Section.P.L. 2022, ch. 121, § 2, effective January […]
§ 7-13.1-502. Liability for contribution. [Effective January 1, 2023.] (a) A person’s obligation to make a contribution to a limited partnership is not excused by the person’s death, disability, termination, or other inability to perform personally. (b) If a person does not fulfill an obligation to make a contribution other than money, the person is […]
§ 7-13.1-503. Sharing of and right to distributions before dissolution. [Effective January 1, 2023.] (a) Any distribution made by a limited partnership before its dissolution and winding up must be shared among the partners on the basis of the value, as stated in the required information when the limited partnership decides to make the distribution, […]
§ 7-13.1-504. Limitations on distributions. [Effective January 1, 2023.] (a) A limited partnership may not make a distribution, including a distribution under § 7-13.1-810, if after the distribution: (1) The partnership would not be able to pay its debts as they become due in the ordinary course of the partnership’s activities and affairs; or (2) […]
§ 7-13.1-505. Liability for improper distributions. [Effective January 1, 2023.] (a) If a general partner consents to a distribution made in violation of § 7-13.1-504 and in consenting to the distribution fails to comply with § 7-13.1-409, the general partner is personally liable to the limited partnership for the amount of the distribution which exceeds […]
