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487.503 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, as stated in the certificate of limited partnership, of the contributions made by each partner to the extent the contributions have been received by the partnership and have not been returned.

Section History: Early form

[C24, 27, 31, 35, 39, § 9818; C46, 50, 54, 58, 62, 66, 71, 73, 75, 77, 79, 81, § 545.13; 82 Acts, ch 1103, § 503]

Section History: Recent form

C93, § 487.503

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Last update: Mon Jan 27 16:05:08 CST 1997
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