New York Statutes
§ 121-503 — Sharing of profits and losses
§ 121-503. Sharing of profits and losses. The profits and losses of a\nlimited partnership shall be allocated among the partners, and among the\nclasses of partners, in the manner provided in the partnership\nagreement. If the partnership agreement does not so provide, profits and\nlosses shall be allocated on the basis of the value, as stated in the\nrecords of the limited partnership if so stated, of the contributions,\nbut not including defaulted obligations to make contributions, of each\npartner to the extent they have been received by or promised to the\nlimited partnership and have not been returned.\n
Free access — add to your briefcase to read the full text and ask questions with AI
New York § 121-503 (Sharing of profits and losses) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.
Nearby Sections
15
§ 121-1001
Parties to actions§ 121-1002
Limited partners' derivative action§ 121-1003
Security for expenses§ 121-1004
Indemnification of general partner§ 121-101
Definitions§ 121-102
Partnership name§ 121-103
Reservation of partnership name§ 121-104-A
Resignation for receipt of process§ 121-105
Registered agent§ 121-106
Records§ 121-107
Nature of business§ 121-109-A
Electronic service of process