Illinois Statutes
§ 506 — Distribution in kind
Illinois·Topic BUSINESS AND EMPLOYMENT·Ch. 805 BUSINESS ORGANIZATIONS·Act 805 ILCS 215/ Uniform Limited Partnership Act (2001).·Art. Article 5 - Contributions and Distributions
A partner does not have a right to demand or receive any distribution from a limited partnership in any form other than cash. Subject to Section 812(b), a limited partnership may distribute an asset in kind to the extent each partner receives a percentage of the asset equal to the partner's share of distributions.
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Legislative History
(Source: P.A. 93-967, eff. 1-1-05.)
Nearby Sections
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§ 50
§ 50§ 50-1
Annual reports§ 50-10
Fees§ 50-15
Penalty§ 50-30
(Repealed)§ 50-35
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File number§ 50-55
Disposition of fees