New York § 121-503 Sharing of profits and losses

New York Statutes

§ 121-503 — Sharing of profits and losses

New York § 121-503

Law PTRPartnership

Art. 8-ARevised Limited Partnership Act

This text of New York § 121-503 (Sharing of profits and losses) is published on Counsel Stack Legal Research, covering New York primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

N.Y. Partnership § 121-503 (2026).

Text

  § 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

§ 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